Mercantile Bank Limited (MBL) has recently become an Associate Member of FCI – the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables.
Being an Associate Member of FCI, MBL will avail the broader network of FCI through its 400 members in more than 90 countries to offer export and import factoring service to its existing and potential customers in Bangladesh.
This is a big stride for MBL, on the way to facilitating export factoring following Bangladesh Bank's approval to exporters for shipping goods on sales contract under open account credit terms within statutory period vide the Bangladesh Bank's FE circular #25 dated 30 June, 2020.
FCI (previously known as Factor Chain International FCI) through a letter signed by Peter Mulroy, secretary general of FCI, has officially confirmed the associate membership of Mercantile Bank.
Peter Mulroy welcomed MBL as their newest Associate Member in Bangladesh and expressed his firm confidence that MBL would greatly contribute to the growth of international factoring under the FCI umbrella through its large customer base.
Md Quamrul Islam Chowdhury, managing director and CEO of MBL, said, "We are proud to be a member of FCI as MBL would be able to explore the global factoring market through FCI platform and thereby offering innovative solution to its export clients exporting under open account credit term."