Banks to take PLC suffix as publicly traded corpns

Commercial banks are asked to complete legal procedures to add PLC at the end of their names to show they are publicly traded corporations as per an updated law.
Banking regulation and policy department of the Bangladesh Bank (BB) issued a circular to this effect on Wednesday.
The companies in this sector need to switch to PLC (public limited company) nomenclature in order to comply with the amended Company Act 1994. The amendment was made in 2020, it said.
"The use of the PLC abbreviation after the name of a company communicates to investors and to anyone dealing with the company that it is a publicly traded corporation."
As per the Company (Second Amendment) Act 2020, banks would have to change the name of the company and the Articles of Association to assume the PLC suffix. They will also have to take permission from the central bank to do so, according to the BB circular.
The central bank gave permission to banks to complete legal procedures to bring about the change.
Banks would not have to apply to the central bank before changing the name and the Articles of Association. They, however, would have to inform the BB after the procedure is completed so that the central bank can publish it as a gazette notification.

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