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Bangladesh Finance and Investment Company Limited

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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]

Bangladesh Finance and Investment Company Limited
Formation1999
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitebd.finance

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

History

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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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  • Bangladesh Finance Capital[24]

References

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  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. ^ a b 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. ^ a b 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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