Premier Leasing and Finance Limited

Last updated
Premier Leasing and Finance Limited
Industry Financial services
Founded1995;29 years ago (1995)
Headquarters
Dhaka
,
Bangladesh
Key people
Abu Sadek Md. Sohel (Chairman), Md. Fazlur Rahman (Managing director) [1] [2] [3]
Website www.premierleasing.com.bd

Premier Leasing and Finance Limited , also known as PLFL, is a major non-bank financial institution in Bangladesh that provides leasing finance. [4]

Contents

History

Premier Leasing and Finance Limited was established on 26 September 2001 as Premier Leasing International Limited. [5]

Bangladesh Securities and Exchange Commission approved initial public offering by Premier Leasing and Finance Limited in 2005. [6] At the same time, it approved the IPO's of Progressive Life Insurance Company Limited, Sonar Bangla Insurance Company Limited, and Islamic Finance and Investment Limited. [6]

In 2007, Premier Leasing International Limited was renamed to Premier Leasing and Finance Limited. [5]

Mizanur Rahman Shelley was reelected chairman of Premier Leasing and Finance Limited in 2009. [7] SM Shamsul Alam was appointed managing director of Premier Leasing and Finance Limited in 2010. [8]

In June 2012, AZM Akramul Haq was re-elected chairman of Premier Leasing and Finance Limited. [9]

SM Shamsul Alam was re-appointed managing director of Premier Leasing and Finance Limited in 2013. [8] SM Shafiqul Islam Mamun was reelected chairman of Premier Leasing and Finance Limited in 2015. [10] Abdul Hamid Mia was appointed the managing director of Premier Leasing and Finance Limited in 2016. [11]

In 2019, almost 30 percent or 450 million taka of all loans of Premier Leasing and Finance Limited had defaulted. [12] AZM Akramul Haq was elected chairman of Premier Leasing and Finance Limited in 2019. [13] Its creditors, Bangladesh Commerce Bank Limited and Janata Bank Limited, were having difficulty recovering their money from it. [14]

On 4 December 2020, Bangladesh Bank appointed AKM Mohiuddin Azad administrator of Premier Leasing and Finance Limited following an order of Bangladesh High Court. [15] Bangladesh Bank refused to accept the resignation letter of Abdul Hamid Mia, the managing director of Premier Leasing and Finance Limited, in March 2021. [16] During his tenure at the institution its financials declined significantly. [16] The loans were defaulted with the help of Md. Shah Alam who was a senior official of Bangladesh Bank and an aid of swindler PK Halder. [17] The total defaulted loan of Premier Leasing and Finance Limited stood at 7.66 billion taka. [18] It has also failed to recover 1.94 billion taka deposit from BASIC Bank Limited. [18]

Subash Chandra Moulick, managing director of Premier Leasing and Finance Limited, said it was finding it difficult to pay back large amounts to banks in February 2022. [19] In April 2022, Md. Fazlur Rahman was appointed the managing director of Premier Leasing and Finance Limited. [20] In August 2022, ASM Feroz Alam, vice-chairman of Mercantile Bank Limited, was elected chairman of Premier Leasing Securities, subsidiary of Premier Leasing and Finance Limited. [21]

Subsidiaries

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References

  1. ↑ "Premier Leasing & Finance Ltd". www.premierleasing.com.bd. Retrieved 2022-10-15.
  2. ↑ "Fazlur Rahman joins Premier Leasing & Finance Limited as MD". New Age. Retrieved 2022-10-15.
  3. ↑ "Sadek elected Premier Leasing chair". New Age. Retrieved 2022-10-15.
  4. ↑ "ASM Feroz Alam re-elected as chairman of Premier Leasing Securities". The Business Standard. 2022-08-01. Retrieved 2022-10-16.
  5. 1 2 "Premier Leasing & Finance Ltd". www.premierleasing.com.bd. Retrieved 2022-10-15.
  6. 1 2 "Four NBFIs get SEC nod to go public". The Daily Star. bdnews. Retrieved 2022-10-15.
  7. ↑ "Premier Leasing chairman re-elected". The Daily Star. 2009-06-28. Retrieved 2022-10-15.
  8. 1 2 "Premier Leasing reappoints managing director". The Daily Star. 2013-07-19. Retrieved 2022-10-15.
  9. ↑ "Premier Leasing & Finance re-elects chair". The Daily Star. 2012-06-13. Retrieved 2022-10-15.
  10. ↑ "Premier Leasing re-elects office bearers". The Daily Star. 2015-07-06. Retrieved 2022-10-15.
  11. ↑ "Premier Leasing gets new MD". The Daily Star. 2016-05-01. Retrieved 2022-10-15.
  12. 1 2 3 4 Habib, Ahsan (2020-10-01). "Premier Leasing's classified loans surge 114pc". The Daily Star. Retrieved 2022-10-15.
  13. ↑ "AZM Akramul Haq chairman of Premier Leasing and Finance". The Daily Star. 2019-08-11. Retrieved 2022-10-15.
  14. ↑ Uddin, AKM Zamir (2021-01-27). "Commerce Bank, Janata run into a quagmire". The Daily Star. Retrieved 2022-10-15.
  15. ↑ "BB appoints administrator at troubled Premier Leasing". The Daily Star. 2020-12-04. Retrieved 2022-10-15.
  16. 1 2 Uddin, AKM Zamir (2021-03-02). "BB refuses to let Premier Leasing MD go". The Daily Star. Retrieved 2022-10-15.
  17. ↑ "Premier Leasing is moribund and it is also thanks to a BB executive". Dhaka Tribune. 2021-02-23. Retrieved 2022-10-15.
  18. 1 2 "6 NBFIs burdened with Tk6,916cr default loans". The Business Standard. 2021-12-27. Retrieved 2022-10-16.
  19. ↑ Uddin, AKM Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-15.
  20. ↑ "New MD for Premier Leasing". The Daily Star. 2022-04-06. Retrieved 2022-10-15.
  21. ↑ "Feroz Alam re-elected PLSL chairman". New Age. Retrieved 2022-10-15.
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