Lankan Alliance Finance Ltd has officially changed its name to Alliance Finance PLC, following the directive from the central bank. The move comes in response to the recent directive by the Bangladesh Bank, instructing non-bank financial institutions (NBFIs) to adopt the suffix “PLC” (Public Limited Company) instead of “Limited” in their company names. This change is in accordance with the amended Company Act of 1994, which was introduced in 2020.
By adopting the PLC suffix, companies in Bangladesh indicate their compliance with the regulations and convey their status as publicly traded corporations, similar to publicly traded companies in the US denoted by “Inc.” or “corporation.” NBFIs are required to update their Memorandum of Association and Articles of Association to reflect the new designation. While the reason behind dropping the word “Lankan” from the company name is unclear, this rebranding aligns with the ongoing regulatory changes in the country.