About us
Overview
The Organisation
Mercantile Bank Holdings Limited is a registered bank controlling company and an investment holding company. Its holding company is Caixa Geral de Depósitos S.A. (CGD), a company registered in Portugal. Its two principal operating subsidiaries comprise:
- Mercantile Bank Limited (The Bank) provides a full range of international and domestic banking services. It operates in selected retail, commercial, corporate and alliance banking niches to which it offers banking, financial and investment services. It is a wholly-owned subsidiary of Mercantile Bank Holdings Limited.
- Mercantile Insurance Brokers (Proprietary) Limited offers life insurance and short-term broking services to the Group and external parties through third party agreements. Its products encompass the full range available in the market including short-term insurance, pension, health benefits and life assurance. It is a wholly-owned subsidiary of Mercantile Bank Holdings Limited.
History
- The Bank was established in 1987, and obtained a banking licence in 1989.
- Mercantile Bank Holdings Limited was incorporated in January 1989 as the holding company of the Bank and changed its name to Mercantile Lisbon Bank Holdings Limited (MLBH) in 1996.
- In 1995 the Bank merged with Bank of Lisbon International (BLI)(established in 1965) and CGD, a state-owned bank, acquired a 27% interest in MLBH through its subsidiary Banco Nacional Ultramarino SA.
- In August 1998 Mercantile Lisbon Bank Holdings (MLBH) was listed on the Johannesburg Securities Exchange South Africa (now JSE Limited).
- CGD injected R120 million capital in March 2002, assuming control of MLBH with a 64,8% interest.
- Recapitalisation of group via rights offer – injection of primary capital of R555 million (September 2004) resulting in CGD’s holding increasing from 64,8% to 91,75%.
- In 2005 the name of MLBH was changed to Mercantile Bank Holdings Limited.
Ratings
CGD Ratings
| Rating Agency | Short term | Long term | Date |
|---|---|---|---|
| Standard & Poor’s | B | BB- Negative | July 2012 |
| Moody’s | NP | Ba3 Negative | December 2012 |
| Fitch Ratings | B | BB+ Negative | July 2012 |
| DBRS | R-2 (mid) | BBB (low) Negative | December 2012 |
Mercantile Bank
| Rating Agency | Short term | Long term | Outlook | Date |
|---|---|---|---|---|
| Moody’s Investors Service | Prime-3.za | Baa3.za | Negative | 11 December 2012 |
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Last Update: 06/04/2011