Mercantile Bank Ltd has changed its name to Mercantile Bank PLC (Public Limited Company), the central bank said in a circular today.

The change of the private commercial bank came into effect today, according to the circular.

In Bangladesh, the companies are switching to the PLC suffix in order to comply with the amended Company Act 1994. The amendment was made in 2020.

A PLC is a public company and is the equivalent of a US publicly traded company that carries the Inc. or corporation designation.

The use of the PLC abbreviation after the name of a company communicates to the investors and to anyone dealing with the company that it is a publicly traded corporation.