Bangladesh Finance and Investment Company Limited (BFIC), a non-bank financial institution known as BD Finance, has been renamed as Bangladesh Finance Limited (BFL).
The central bank's Department of Financial Institutions and Markets (DFIM) on Sunday issued a circular with final approval in this regard.
Asked about this, Md Kyser Hamid, managing director and chief executive officer of BD Finance, told The Business Standard that they have been working on the name change since November last year and received the desired final approval on Sunday.
He said, "Bangladesh Finance has been named for the purpose of serving the people of the country under a new name by participating in the journey of development that Bangladesh is embarking on the 50th anniversary of independence."
"Besides, the full picture of the name Bangladesh does not appear in the name BD. On the other hand, the name of BD Finance (BFIC) coincides with the name of another financial institution. There are many types of complications. The change was made to make the name simpler and shorter."
BD Finance started as a non-bank financial institution in 1999. One of the country's industrial groups owns a majority stake in the company. Manwar Hossain, managing director of Anwar Group, is serving as the chairman of the company. Listed on the capital market, BD Finance is known as one of the foremost financial institutions in the country.
Regarding the branding of the new name, Kyser Hamid said that the work has been delayed due to the increase in the incidence of coronavirus and the onset of lockdown.
"If the lockdown is not prolonged, the branding of the new name will start in the middle of Ramadan. Otherwise after Eid," he added.