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Share trading of 3 NBFIs suspended after BB declares them non-viable
Trading of shares of three non-bank financial institutions (NBFIs) has been suspended on the Dhaka Stock Exchange (DSE) after Bangladesh Bank declared them non-viable and began liquidation proceedings. History
The three listed NBFIs are Fareast Finance and Investment Ltd, FAS Finance and Investment Ltd, and International Leasing and Financial Services Ltd.
Bangladesh Bank on Sunday declared four NBFIs, including Aviva Finance Ltd, which is not listed on the DSE, non-viable and appointed administrators and associate administrators to oversee their affairs.
The central bank also dissolved the boards of directors of the four companies and declared the posts of their managing directors vacant.
According to Bangladesh Bank, the decision followed a comprehensive assessment of the companies' financial condition and prospects for recovery.
It cited severe capital shortages, high levels of classified loans and investments, persistent liquidity problems, declining earnings and the institutions' inability to meet obligations to depositors and creditors as reasons for the intervention.
The DSE suspended trading in the shares of the three listed companies following the central bank's decision.
Before the suspension, shares of all three companies were trading below Tk 2.50 each on Sunday, compared to their Tk 10 face value.
The move is part of Bangladesh Bank's broader efforts to address the long-standing weaknesses of troubled NBFIs and protect depositors while restoring discipline in the financial sector, reports UNB.