LankaBangla Finance PLC

LankaBangla Finance PLC.
Formation1997
HeadquartersDhaka, Bangladesh
Official language
Bengali
Websitewww.lankabangla.com

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.[5] Sampath Bank and One Bank Limited purchased shares in 2003.[5]

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.[10] 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

  • LankaBangla Securities Limited[20][21]
  • LankaBangla Investments[10]
  • LankaBangla Asset Management Company[10]
  • LankaBangla Foundation[22]

Board of directors

Name Position Nationality Reference
Mohammad A. Moyeen Chairman Bangladeshi [23]
I. W. Senanayake Director Sri Lankan [23]
Nanda Fernando Director Sri Lankan [23]
Mahbubul Anam Director Bangladeshi [23]
Tahsinul Huque Director British [23]
Aneesha Mahial Kundanmal Director Bangladeshi [23]
Zaitun Sayef Independent Director Bangladeshi [23]
M. Fakhrul Alam Independent Director Bangladeshi [23]
Khwaja Shahriar CEO and Managing Director Bangladeshi [23]

References

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


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