Mercantile Bank Meaning
Mercantile Bank Limited is a South African commercial bank, founded in 1965. (previously Bank of Lisbon International. The bank is headquartered in Sandown Sandton, South Africa, and provides products and services in retail banking, corporate finance, asset management, equity brokerage and security.
It is a fully owned subsidiary of Mercantile Bank Holdings Limited, which in turn owned by the holding company registered in Portugal – Caixa Geral de Depósitos S.A. (CGD).
It has more than 15 branches in South Africa, and employs more than 420 employees.
The bank was founded in Republic of South Africa in 1965. It obtained a banking licence in 1989; and became a fully owned subsidiary of Mercantile Bank Holdings Limited, a bank holding company incorporated in January the same year.
In 1995, the bank merged with Bank of Lisbon International (BLI) – a bank established in 1965. Shortly thereafter in 1996, the bank holding company name was changed from ‘Mercantile Bank Holdings Limited’ to ‘Mercantile Lisbon Bank Holdings Limited’ (MLBH). Earlier in 1995, the Portugal state-owned bank – Caixa Geral de Depósitos (CGD) had acquired a 27% stake in MLBH through its subsidiary Banco Nacional Ultramarino (presently the Macau based Banco Nacional Ultramarino SA).
In August 1998, Mercantile Lisbon Bank Holdings (MLBH) was listed on the Johannesburg Securities Exchange South Africa (now JSE Ltd). In March 2002, CSD stake in MLBH increased to 64.8%, and by September 2004 to 91.75%.
In 2005, the name ‘MLBH’ was changed back to Mercantile Bank Holdings Limited.
In 2012, it was delisted at 52 cents per share.