IFIC Bank shortens name, assumes PLC suffix

The name of International Finance Investment and Commerce Bank Limited has been changed to IFIC Bank PLC, according to a notice from the central bank yesterday.

The change came into effect on Tuesday.

Although its full name was International Finance Investment and Commerce Bank Limited, it was largely known as IFIC Bank Ltd.

Now, the private commercial bank has not only changed its name, it also assumed the PLC (Public Limited Company) suffix in place of "Limited".

In Bangladesh, the companies are switching to the PLC suffix in order to comply with the amended Company Act 1994. The amendment was made in 2020.

A PLC is a public company and is the equivalent of a US publicly traded company that carries the Inc. or corporation designation.

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.