Bangladesh Finance and Investment Company Limited

Last updated
Bangladesh Finance and Investment Company Limited
Formation1999
Headquarters Dhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Website bd.finance

Bangladesh Finance and Investment Company Limited, also known as BD Finance or Bangladesh Finance Limited, is a non-bank financial institution in Bangladesh. [1] [2] Manwar Hossain is the chairman Bangladesh Finance and Investment Company Limited and Md Kyser Hamid is the CEO and managing director. [3]

Contents

Bangladesh Finance is listed on the Dhaka Stock Exchange. [4]

History

Bangladesh Finance and Investment Company Limited was established in 1999. [5] It is a subsidiary of Anwar Group. [6] It was incorporated on 10 May 1999 received its license on 22 December 1999. [7] [8] Anwar Hossain was the founding chairman of Bangladesh Finance and Investment Company Limited. [9] Hossain was the founder of Anwar Group, The City Bank Limited, and City General Insurance Company Limited. [10] It started its operations on 15 February 2000 with BDT 500 million authorized capital. [8]

Mafizudddin Sarkar was the managing director of Bangladesh Finance and Investment Company Limited in 2015 when he was elected chairman of Bangladesh Leasing and Finance Companies' Association. [11]

Tarik Morshed was the managing director of BD Finance in 2019. [12] Md. Kyser Hamid was appointed CEO and managing director of Bangladesh Finance and Investment Company Limited in September 2020. [13]

In April 2021, BD Finance signed an agreement with the United States-based Sovereign Infrastructure Group for investments worth US$2 billion. [6] It received a AA- rating. [14] Bangladesh Finance and Investment Company Limited was renamed to Bangladesh Finance Limited in April 2021. [15]

Bangladesh Finance Limited experienced an eight percent decline in profit in 2022. [16] It was recognized as having the second best financial statement issued by a non-bank financial institution by the Institute of Chartered Accountants of Bangladesh after IDLC Finance; and IPDC Finance was third. [17]

Mahtab Uddin Ahmed, former CEO of Robi, joined BD Finance as a director in 2023. [18] Fatema Begum, the first woman police officer and former additional inspector general of Bangladesh police, was appointed director of BD Finance. [19] Its profit declined 75 percent in 2023 due to lower income from interest and a decrease in return on securities. [20] It was one of the few non-banking financial institutions that was able to secure an increase in profit from July to September along with LankaBangla Finance PLC and Delta Brac Housing Finance Corporation. [21] It received awards from Bangladesh Bank and Bangladesh Institute of Bank Management for contribution to sustainable financial investment. [22] [23]

Subsidiary

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References

  1. ↑ Hasan, Md Mehedi (17 September 2023). "Sustainable finance for greener future". The Daily Star.
  2. ↑ Rahman, Md Fazlur (2023-08-25). "Sustainable finance on the rise". The Daily Star.
  3. ↑ "Bangladesh Finance launches 'Green Deposit'". The Daily Star. 2023-11-18.
  4. ↑ "Bangladesh Finance and Investment Co.Ltd (BDFINANCE) Company Report, News, Stock Price & Profile". AmarStock.
  5. ↑ "At A Glance – Bangladesh Finance".
  6. 1 2 Chakma, Jagaran (2021-04-11). "BD Finance eyes $2b US investment". The Daily Star.
  7. ↑ "Bangladesh Finance celebrates 22nd anniversary". The Business Standard . 2021-12-23.
  8. 1 2 International Journal of Finance and Policy Analysis: Vol.4, No.1. Universal-Publishers. p. 18. ISBN   978-1-61233-613-8.
  9. ↑ "Anwer Group chairman Anwer Hossain no more". businesspostbd.com. Retrieved 2024-09-15.
  10. ↑ "Anwar Group founder Anwar Hossain passes away - - observerbd.com". The Daily Observer. Retrieved 2024-09-15.
  11. ↑ "Leasing and finance assoc elects chairman". The Daily Star. 2015-12-29. Retrieved 2024-09-15.
  12. ↑ "CEO of Bangladesh Finance and Investment Company Limited - - observerbd.com". The Daily Observer. Retrieved 2024-09-15.
  13. ↑ "New MD of BD Finance". The Financial Express. Retrieved 2024-09-15.
  14. ↑ "BD Finance obtains AA- credit rating". The Business Standard. 2021-01-27. Retrieved 2024-09-15.
  15. ↑ "BD Finance renamed as Bangladesh Finance". The Business Standard. 2021-04-05. Retrieved 2024-09-15.
  16. ↑ "Bangladesh Finance posts lower profit in 2022". The Daily Star. 2023-03-14. Retrieved 2024-09-15.
  17. ↑ "25 firms awarded for best presented annual reports". The Daily Star. 2022-12-03. Retrieved 2024-09-15.
  18. ↑ "Mahtab joins Bangladesh Finance as director". The Daily Star. 2023-04-07. Retrieved 2024-09-15.
  19. ↑ "Fatema joins Bangladesh Finance as director". The Daily Star. 2023-08-02. Retrieved 2024-09-15.
  20. ↑ "BD Finance's profit dips 75%". The Daily Star. 2023-05-16. Retrieved 2024-09-15.
  21. ↑ Habib, Ahsan (2023-11-24). "Most NBFIs incurred losses in July–September". The Daily Star. Retrieved 2024-09-15.
  22. ↑ "Bangladesh Finance named top sustainable FI". The Daily Star. 1 September 2023.
  23. ↑ "10 banks, 5 NBFIs get BIBM awards". New Age (Bangladesh) . 29 August 2022. Retrieved 15 September 2024.
  24. ↑ "Sumit Podder new MD, CEO of Bangladesh Finance Capital". The Daily Star. 2 May 2023.
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