Mercantile Bank opts for bond to raise Tk 500cr

Mercantile Bank has decided to raise Tk 500 crore through issuing g bond in a bid to strengthen the lender’s capital base.

The bank disclosed this in a post given in the Dhaka Stock Exchange website on Sunday.

Mercantile has informed that the board of directors has decided to issue coupon bearing non-convertible "Mercantile Bank 3d Subordinated Bond" up to Tk 500 crore as Tier-II regulatory capital through private placement to strengthen the capital base of the bank under Basel-III guideline subject to approval from the regulatory authorities concerned.