Mercantile Credit Bank
| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 1986 |
| Headquarters |
8 Old Portbell Road Kampala, Uganda |
| Key people |
Stephen Nabeta Chairman Samuel Kanakulya Lubinga Managing Director |
| Products | Loans, Savings, Investments |
| Revenue |
 Aftertax:US$31,700 (UGX:79 million) (2011) |
| Total assets | US$6.6 million (UGX:16.5 billion) (2011) |
| Website | Homepage |
Mercantile Credit Bank Limited (MCBL), commonly referred to as Mercantile Credit Bank, is a Ugandan Tier II financial institution.
Overview
It is registered a Credit Institution, by the Bank of Uganda, the country's central bank and national banking regulator. MCBL is one of only three institutions in this class of financial service providers in the country, the other two being Opportunity Bank Uganda and PostBank Uganda..[1] As of December 2011, Mercantile Credit Bank was a small, but growing credit institution in Uganda. Its total asset base at that time was valued in excess of US$6.6 million (UGX:16.5 billion), with shareholders' equity estimated at US$1.6 million (UGX:4 billion).[2]
History
MCBL was established in 1986 as a subsidiary of General Machinery Limited (Gmach), a business conglomerate, involved in agricultural mechanization, general construction, water supply and distribution as well as supply of diesel generators. Their businesses are located in Uganda and other East African countries, including Kenya and South Sudan. As a Tier II financial institution, MCBL is allowed to establish customer savings and fixed deposit accounts. The company is prohibited from dealing in foreign currencies, but is authorized to make collateralized and non-collateralized loans to depositors and non-depositors, as well as engage in lease finance. The company is an agent of Western Union, the International money transfer service, based in the United States of America.[3]
Ownership
Mercantile Credit Bank is 100% owned by General Machinery Limited (Gmach Group).[4]
Branch Network
As of January 2014, MCBL maintains its headquarters at 8 Portbell Road, in Kampala's central business district. The institution has no other branches at this time.
Governance
The activities of Mercantile Credit Bank are directed by the bank's Board of Directors. The current Chairman of the six-member Board is Stephen Nabeta. The current Managing Director and Chief Executive Officer is Samuel Kanakulya Lubinga.[5]
