In accordance with the provisions of Section 11(a) of the Companies Act, 1994, Bangladesh Bank has named ‘Islami Bank Bangladesh Limited’ as ‘Islami Bank Bangladesh PLC.’ has been changed.
On Monday (July 31), the Banking Regulations and Policy Department of Bangladesh Bank issued a circular in this regard. The circular has been sent to the chief executives and managing directors of all banks.
It is reported that in the amended Companies Act 2020, Section 11 (a) regarding identification of limited liability companies has been newly added. In the new section, it is mandatory to write Public Limited Company or PLC at the end of the name in case of public limited company.
Bank companies need to change company names and abbreviations to add PLC at the end of their names. For this, the name of Islami Bank Bangladesh Limited has been changed to Islami Bank Bangladesh PLC. Earlier on Tuesday, February 28, the name of the state-owned Sonali Bank Limited was changed to ‘Sonali Bank Plc’.