LankaBangla Finance PLC explained

LankaBangla Finance PLC.
Formation:1997
Headquarters:Dhaka, Bangladesh
Language:Bengali

LankaBangla Finance PLC. is a licensed non-banking financial company in Bangladesh.[1] Mohammad A. Moyeen is the chairman of LankaBangla Finance Limited.[2] Khwaja Shahriar is the CEO and managing director of LankaBangla Finance Limited.[3]

History

LankaBangla Finance Limited was established in 1997 as a non-banking financial institution by Vanik Incorporation Limited of Sri Lanka and some Bangladeshi investors.[4] [5] It was originally named Vanik Bangladesh Limited but was renamed to LankaBangla Finance Limited in 2003. Sampath Bank and One Bank Limited purchased shares in 2003.

In 2005, LankaBangla Finance Limited launched LankaBangla Finance MasterCard replacing the old Vanik Card which was launched in 1998.[6] In May 2007, it provided a 10 per cent cash dividend.[7]

In 2010, the company was planning to go public with LankaBangla Securities Limited.[8] Mohammed Nasir Uddin Chowdhury was appointed managing director of LankaBangla Finance Limited on 4 December 2011.[9]

On 1 June 2017, Khwaja Shahriar was appointed managing director of LankaBangla Finance Limited.[10]

LankaBangla Finance Limited increased their profit by 14.35 per cent in 2019 despite the liquidity crises in the financial market of Bangladesh. It received US$20 million from the Islamic Corporation for the Development of the Private Sector.[11] In June 2020, it declared a 12 per cent dividend.[12]

In 2022, LankaBangla Finance Limited signed memorandum of understanding with Rangs Limited.[13] It signed an agreement with Nagad in June.[14] LankaBangla Securities was the top stock broker for 16 years at Dhaka Stock Exchange and 15 years at the Chittagong Stock Exchange consecutively.[15] LankaBangla Securities Limited thanked chairman of Bangladesh Securities and Exchange Commission Shibli Rubayat-Ul-Islam for approving TradeXpress of LankaBangla, a broker hosted OMS.[16] It had 4.35 billion BDT in classified loans in 2022.[17] Government Pension Fund of Norway invested US$1.76 million in LankaBangla Finance.[18]

In 2023, LankaBangla Finance Limited signed an agreement with Trust Axiata Pay (TAP).[19]

Subsidiaries

Board of directors

!Name!Position!Nationality!Reference
Mohammad A. MoyeenChairmanBangladeshi[23]
I. W. SenanayakeDirectorSri Lankan
Nanda FernandoDirectorSri Lankan
Mahbubul AnamDirectorBangladeshi
Tahsinul HuqueDirectorBritish
Aneesha Mahial KundanmalDirectorBangladeshi
Zaitun SayefIndependent DirectorBangladeshi
M. Fakhrul AlamIndependent DirectorBangladeshi
Khwaja ShahriarCEO and Managing DirectorBangladeshi

Notes and References

  1. News: 2022-12-03 . LankaBangla Securities celebrates 25-year anniversary . 2023-02-09 . The Business Standard . en.
  2. News: 2022-11-02 . LankaBangla Finance celebrates 25 years of its glorious journey . 2023-02-09 . The Daily Star . en.
  3. News: Parvez . Sohel . 2023-02-05 . Raising fund thru bonds to cut costs of NBFIs . 2023-02-09 . The Daily Star . en.
  4. Web site: About Us . 2023-02-09 . LankaBangla Finance Limited . en-US.
  5. News: Vanik Bangladesh now LankaBangla Finance . 2023-02-09 . The Daily Star.
  6. News: Vanik Card now LankaBangla MasterCard . 2023-02-09 . The Daily Star.
  7. News: LankaBangla Finance okays 10pc dividend . 2023-02-09 . The Daily Star.
  8. News: Chowdhury . Sarwar A. . 2010-02-17 . LankaBangla Securities plans to go public . 2023-02-09 . The Daily Star . en.
  9. News: 2011-12-04 . LankaBangla Finance gets new MD . 2023-02-09 . The Daily Star . en.
  10. News: Habib . Ahsan . 2020-06-16 . LankaBangla Finance triumphs despite liquidity pressure . 2023-02-09 . The Daily Star . en.
  11. News: 2019-01-28 . LankaBangla gets $20m from ICD . 2023-02-09 . The Daily Star . en.
  12. News: Express . The Financial . LankaBangla Finance declares 12pc dividend . 2023-02-09 . The Financial Express . en.
  13. News: 2022-04-18 . LankaBangla Finance, Rangs Ltd sign MoU . 2023-02-09 . The Daily Star . en.
  14. News: 2022-06-07 . LankaBangla, Nagad launches digital sales window for marginal people . 2023-02-09 . The Daily Star . en.
  15. News: 2022-01-03 . LankaBangla Securities continues being top broker in DSE, CSE . 2023-02-09 . The Daily Star . en.
  16. News: 2022-01-24 . LankaBangla Securities Chairman thanks BSEC for facilitating new online trading . 2023-02-09 . The Daily Star . en.
  17. News: Over 30pc loans of 13 NBFIs become defaulted . 2023-02-09 . New Age . en.
  18. News: Norway's govt fund reduces investments in capital market in 2021 . 2023-02-09 . New Age . en.
  19. News: 2023-02-09 . LankaBangla Finance inks deal with TAP to provide digital financial services . 2023-02-09 . The Business Standard . en.
  20. News: 2010-07-27 . LankaBangla Securities to get indicative price next week . 2023-02-09 . The Daily Star . en.
  21. News: 2022-06-15 . IUB to launch first ever university-level trading lab in Bangladesh . 2023-02-09 . The Daily Star . en.
  22. News: 2023-01-23 . LankaBangla Foundation distributes winter blankets in Chowmuhani . 2023-02-09 . The Business Standard . en.
  23. Web site: Board of Directors . 2023-02-09 . LankaBangla Finance Limited . en-US.

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