Lanka Bangla Group

Background

LankaBangla Group is a leading financial service provider in Bangladesh. It comprises six companies including the parent company LankaBangla Finance Limited (LBFL). LBFL began its journey as a joint-venture financial institution in 1997. The ownership of this multinational collaboration is shared by One Bank Limited of Bangladesh, Sampath Bank Limited of Sri Lanka and some Bangladeshi entrepreneurs. LBFL???s subsidiary LankaBangla Securities Limited( LBSL) owns 80 percent share of BizBangla Media Limited which publishes Bangla business newspaper Daily BonikBarta. 

Affiliated Business

LBFL provides integrated financial services including corporate financial services, personal financial services, SME financial services, liability management, stockbroking and wealth management services.

LBFL has direct holding on three companies: LankaBangla Securities Limited (LBSL), LankaBangla Investment Limited(LBIL) and LankaBangla Asset Management Company Limited( LBAMCL). 

LBSL provides brokerage services. It operates in both Dhaka Stock Exchange and Chittagong Stock Exchange. LBSL owns 80 percent share of BizBangla Media Limited which publishes Bangla business newspaper Daily BonikBarta.  LBSL???s other subsidiary LankaBangla Information System Limited ( LBiS) is IT solution provider.

LBIL is an investment bank which provides corporate advisory, issue management and portfolio management services.

LBAMCL is an asset management company which provides investment management services.

Ownership

LankaBangla Group???s board of directors comprise representatives from One Bank Limited of Bangladesh and Sampath Bank Limited of Sri Lanka and some Bangladeshi entrepreneurs. Mohammad A. Moyeen, a Bangladeshi shipping entrepreneur, is now the chairman of LankaBangla Group. A director of LankaBangla Group, MahbubulAnam, is a vice-president of the Bangladesh Cricket Board.

Legal Cases

Sayeed Hossain Chowdhury, Chairman of One Bank which is a major shareholder of LankaBangla Group, was asked by Bangladesh Bank on July 6, 2020, to vacate his post for violating rules of directorship. Earlier, he had a default loan amount to Tk 121.43 crore which was rescheduled in 2019 under a controversial policy of the central bank. Sayeed Hossain Chowdhury is the chairman and chief executive officer of the HRC group and his brother Saber Hossain Chowdhury is a prominent leader of Bangladesh Awami League.  

In 2019, Anti-Corruption Commission issued a notice against MahbubulAlam, a director of LankaBangla Group, barring him from leaving Bangladesh as an investigation was underway against him for amassing illegal wealth and manipulating tenders and appointments abusing his power in the selection of cricket board sponsors.

Contact Details

Corporate Head Office

Safura Tower (Level 11)20 Kemal Ataturk Avenue, Banani, Dhaka

(+88 02) 9883701-10

info@lankabangla.com

Source

LankaBangla Finance Limited, Board of Directors, Accessed on July 30, 2020

LankaBangla Annual Integrated Report 2018. Accessed on July 30, 2020

Prothom Alo( English), ACC bars BCB director MahbubulAnam from leaving Bangladesh, November 29, 2019.

The Business Standard, Central Bank removes One Bank Chairman, July 06, 2020