Mercantile Bank Prepares To Get Into VC Game

Mercantile Bank Prepares To Get Into VC Game

The brief:

  • Mercantile Bank, one of the private banks in the country, announced that it has been working on putting together a venture capital operation as a subsidiary to invest in startups in Bangladesh.
  • First reported by the Daily Star, the bank said it has already started working on the project and has applied to the Bangladesh Securities and Exchange Commission for approval.
  • The subsidiary will be named MBL Asset Management Company.
  • Previously, LankaBangla Finance and IDLC Finance, two leading non-bank financial institutions, have made formal entry into venture capital space. IDLC Finance has also made an investment into Chaldal.

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