Premier Leasing and Finance Limited

Premier Leasing and Finance Limited
IndustryFinancial services
Founded1995; 29 years ago (1995)
Headquarters
Dhaka
,
Bangladesh
Key people
Abu Sadek Md. Sohel (Chairman), Md. Fazlur Rahman (Managing director)[1][2][3]
Websitewww.premierleasing.com.bd

Premier Leasing and Finance Limited , also known as PLFL, is a major non-bank financial institution in Bangladesh that provides leasing finance.[4]

History

Premier Leasing and Finance Limited was established on 26 September 2001 as Premier Leasing International Limited.[5]

Bangladesh Securities and Exchange Commission approved initial public offering by Premier Leasing and Finance Limited in 2005.[6] At the same time, it approved the IPO's of Progressive Life Insurance Company Limited, Sonar Bangla Insurance Company Limited, and Islamic Finance and Investment Limited.[6]

In 2007, Premier Leasing International Limited was renamed to Premier Leasing and Finance Limited.[5]

Mizanur Rahman Shelley was reelected chairman of Premier Leasing and Finance Limited in 2009.[7] SM Shamsul Alam was appointed managing director of Premier Leasing and Finance Limited in 2010.[8]

In June 2012, AZM Akramul Haq was re-elected chairman of Premier Leasing and Finance Limited.[9]

SM Shamsul Alam was re-appointed managing director of Premier Leasing and Finance Limited in 2013.[8] SM Shafiqul Islam Mamun was reelected chairman of Premier Leasing and Finance Limited in 2015.[10] Abdul Hamid Mia was appointed the managing director of Premier Leasing and Finance Limited in 2016.[11]

In 2019, almost 30 percent or 450 million taka of all loans of Premier Leasing and Finance Limited had defaulted.[12] AZM Akramul Haq was elected chairman of Premier Leasing and Finance Limited in 2019.[13] Its creditors, Bangladesh Commerce Bank Limited and Janata Bank Limited, were having difficulty recovering their money from it.[14]

On 4 December 2020, Bangladesh Bank appointed AKM Mohiuddin Azad administrator of Premier Leasing and Finance Limited following an order of Bangladesh High Court.[15] Bangladesh Bank refused to accept the resignation letter of Abdul Hamid Mia, the managing director of Premier Leasing and Finance Limited, in March 2021.[16] During his tenure at the institution its financials declined significantly.[16] The loans were defaulted with the help of Md. Shah Alam who was a senior official of Bangladesh Bank and an aid of swindler PK Halder.[17] The total defaulted loan of Premier Leasing and Finance Limited stood at 7.66 billion taka.[18] It has also failed to recover 1.94 billion taka deposit from BASIC Bank Limited.[18]

Subash Chandra Moulick, managing director of Premier Leasing and Finance Limited, said it was finding it difficult to pay back large amounts to banks in February 2022.[19] In April 2022, Md. Fazlur Rahman was appointed the managing director of Premier Leasing and Finance Limited.[20] In August 2022, ASM Feroz Alam, vice-chairman of Mercantile Bank Limited, was elected chairman of Premier Leasing Securities, subsidiary of Premier Leasing and Finance Limited.[21]

Subsidiaries

  • Premier Leasing Securities[12]
  • Premier Leasing Capital Management[12]
  • Premier Leasing Securities Broking[12]

References

  1. ^ "Premier Leasing & Finance Ltd". www.premierleasing.com.bd. Retrieved 2022-10-15.
  2. ^ "Fazlur Rahman joins Premier Leasing & Finance Limited as MD". New Age. Retrieved 2022-10-15.
  3. ^ "Sadek elected Premier Leasing chair". New Age. Retrieved 2022-10-15.
  4. ^ "ASM Feroz Alam re-elected as chairman of Premier Leasing Securities". The Business Standard. 2022-08-01. Retrieved 2022-10-16.
  5. ^ a b "Premier Leasing & Finance Ltd". www.premierleasing.com.bd. Retrieved 2022-10-15.
  6. ^ a b "Four NBFIs get SEC nod to go public". The Daily Star. bdnews. Retrieved 2022-10-15.
  7. ^ "Premier Leasing chairman re-elected". The Daily Star. 2009-06-28. Retrieved 2022-10-15.
  8. ^ a b "Premier Leasing reappoints managing director". The Daily Star. 2013-07-19. Retrieved 2022-10-15.
  9. ^ "Premier Leasing & Finance re-elects chair". The Daily Star. 2012-06-13. Retrieved 2022-10-15.
  10. ^ "Premier Leasing re-elects office bearers". The Daily Star. 2015-07-06. Retrieved 2022-10-15.
  11. ^ "Premier Leasing gets new MD". The Daily Star. 2016-05-01. Retrieved 2022-10-15.
  12. ^ a b c d Habib, Ahsan (2020-10-01). "Premier Leasing's classified loans surge 114pc". The Daily Star. Retrieved 2022-10-15.
  13. ^ "AZM Akramul Haq chairman of Premier Leasing and Finance". The Daily Star. 2019-08-11. Retrieved 2022-10-15.
  14. ^ Uddin, AKM Zamir (2021-01-27). "Commerce Bank, Janata run into a quagmire". The Daily Star. Retrieved 2022-10-15.
  15. ^ "BB appoints administrator at troubled Premier Leasing". The Daily Star. 2020-12-04. Retrieved 2022-10-15.
  16. ^ a b Uddin, AKM Zamir (2021-03-02). "BB refuses to let Premier Leasing MD go". The Daily Star. Retrieved 2022-10-15.
  17. ^ "Premier Leasing is moribund and it is also thanks to a BB executive". Dhaka Tribune. 2021-02-23. Retrieved 2022-10-15.
  18. ^ a b "6 NBFIs burdened with Tk6,916cr default loans". The Business Standard. 2021-12-27. Retrieved 2022-10-16.
  19. ^ Uddin, AKM Zamir (2022-02-10). "Troubled NBFIs render Tk 1,000cr bank loans sour". The Daily Star. Retrieved 2022-10-15.
  20. ^ "New MD for Premier Leasing". The Daily Star. 2022-04-06. Retrieved 2022-10-15.
  21. ^ "Feroz Alam re-elected PLSL chairman". New Age. Retrieved 2022-10-15.