Lankabangla Finance Plc (Bangladesh)

The company s activities include services broadly classified as fee-based and fund based services such as fee-based services include credit card membership fees, merchants commission, underwriting of securities, IPOs, Portfolio Management, corporate financial services, etc.
The Company is engaged in financial services. Fund-based services include Lease Finance, Term Finance, Real Estate Finance, Hire Purchase, Credit Card Operation, provides brokerage services.
The Company was a joint venture non-banking financial institution and was incorporated under the Companies Act, 1994 on 5th November, 1996 as a Public Limited Company and not listed on any Stock Exchange under the name Vanik Bangladesh Ltd. It obtained permission under Reference No: FID (L) /15 from Bangladesh Bank to commence business in Bangladesh on 30th October 1997.
The Company also possesses a License No: MB-1.064/98-05 from the Securities and Exchange Commission of Bangladesh for conducting merchant banking business.
The Company has changed its name to LankaBangla Finance Limited from (Vanik Bangladesh Limited) with effect from April 27, 2005 complying all legal requirements in that respect.
Its shares are listed on both Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited on October 17, 2006 and on October 31, 2006 respectively with authorized shares 100,000,000 ordinary shares of Tk.10/- each. It has a subsidiary company named (LankaBangla Securities Ltd) (formerly Vanik Bangladesh Securities Limited) with an equity interest of 99.998 (4,999,900 shares of Tk. 10 each totaling Tk. 49,999,000) in the subsidiary company.
The financial statements of the Company are made up to 31 December each year and are prepared under the historical cost convention and in accordance with (First Schedule) (sec-38) of the Bank Companies Act of 1991, DFIM circular number 11 dated December 23, 2009, other Bangladesh Bank circulars, Bangladesh Financial Reporting Standards(BFRS), the Companies Act, 1994, the Financial Institutions Act, 1993, Securities and Exchange Rules, 1987 and other prevailing laws and rules applicable in Bangladesh.