Home ›› 02 Jun 2020 ›› World Biz
Mercantile Bank, a third generation bank, steps into 22nd year when the whole world including Bangladesh is battling deadly coronavirus and eyeing worldwide economic downturn. On June 2 in 1999 the bank set foot in banking business. The bank now is planning in line with the collapse of all sorts of economic activities which were not thought before March 26 when lockdown was imposed in Bangladesh. Apart from saving our valued and affected clienteles Mercantile Bank has taken time-befitting development programmes to stay relevant and keep up the growth pace. On the occasion celebration of 21st founding anniversary of the bank Managing Director Kamrul Islam Chowdhury talked to The Business Post reporter Harun-or-Rashid.
Business Post: How do you evaluate 21-year-long journey of Mercantile Bank?
Kamrul Islam Chowdhury: Mercantile Bank has been traversing over two decades since 2nd June in 1999, doing businesses successfully. As down these years of growth hacking our clients played key roles, so we salute them first. Then comes the contribution of board of directors, higher-ups, and staffers of the bank who worked hard day and night from the bottom of their heart.
Business Post: How do you present the bank now?
Kamrul Islam Chowdhury: Mercantile Bank has taken deep root in the sector already as it has planned to bring all the people of the country who are out of banking activities so that we can speed up the growth of the economy. To attain the goal, we are working heart and soul with integrity and sincerity from day one. With ready capital for investment, growth of quality resources, steady income and available liquidity, the bank has steadied its position as a strong financial institute. Since floating Mercantile Bank has been contributing to economic development actively through its 149 branches. Satisfactory customer services spurted our growth and fanned out networks and branches of the bank across the country. Our skilled and hardworking staff members will go above and beyond to ensure that our customers are satisfied. For healthy and sustainable growth of the clienteles as well as the employees of the bank, we have ensured good governance, proper risk management, prudent loan disbursement policy and its implementation.
Business Post: What are the measures you have taken to soften the blow of coronavirus and to take the bank forward?
Kamrul Islam Chowdhury: To absorb the shock of coronavirus and lockdown, we have taken measures riding on the back of Bangladesh Bank guidelines and to strengthen itself the bank authorities have ensured discipline in financial transactions through corporate governance, clip the unnecessary costs and reduce the bulk of classified loan through diversification of investments. In order to do so, we will patronise agricultural farms and small and medium enterprises. On top of all, we will minimise the operation cost through technological automation and reduce the risks so that we can give a fair share to our shareholders.
Business Post: What are doing to salvage the coronavirus-affected customers?
Kamrul Islam Chowdhury: As part of softening the economic impact of coronavirus, government has declared the stimulus package of Tk 1 lakh crore and the whole bulk will be disbursed among the businesses. To this end, we have inked refinancing deal with Bangladesh Bank and we will stay relevant by disbursing the loans among the Covid-19 affected people. Moreover, we are not enlisting those as loan defaulters who will miss the loan installments up to June as per the directives of central bank. We will also waiver fines for the monthly savers and credit card holders.
Business Post: How will the banks tackle the coronavirus crisis when everything including export-import businesses, flow of remittance and local trading has nosedived?
Kamrul Islam Chowdhury: Covid-19 has driven the world economy to the brink of recession and Bangladesh is no exception to this. The economy of our country will also receive a severe blow from Covid-19 and the post-pandemic situation will pose a big challenge to the banking sector. I think a coordinated effort of all the bankers and government will end up enabling us to take up the challenge.
Business Post: Do you have any new banking products or programmes on the cards?
Kamrul Islam Chowdhury: In line with the growing demands for agent banking, we are going to kick off the operation of such aggressive banking programme. Apart from it, we are planning to introduce Islamic banking. Primarily we will open Islamic windows in ten branches. There are more products in the pipeline including e-commerce site based on websites which we hope will earn us name and fame abroad. Last but not least, we will continue to improve and thrive in the highly competitive banking sector with our special and unique products and promises.
