According to the Companies Act, PLC (Public Limited Company) must be added to the end of the name of bank companies to identify 'Public Limited Company'.
Yesterday, Wednesday, Bangladesh Bank said in a circular that according to the Bank Company Act, there is a requirement for the Central Bank to take no objection in changing the name and corporate name of the bank company. However, bank companies do not need to make a separate application to add PLC at the end of the name.
However, after completing the name change formalities, the matter should be reported to Bangladesh Bank and bank companies should submit an application to the Banking Rules and Policy Department for publication of the gazette of the changed name.
The Bangladesh Bank circular also allowed bank companies to complete the necessary legal formalities to add the word 'Public Limited Company' or PLC at the end of their name.
A new clause was added to identify public limited companies by amending the Companies Act in 2020. The section states that to identify a 'public limited company', their name should be followed by 'public limited company' or plc.
The shares of most commercial banks in Bangladesh are traded on stock exchanges. As a result of this directive of the central bank, these bank companies have to change their name and add PLC at the end of their name.
Post a Comment