Union Bank adopts PLC suffix

Union Bank Ltd has changed its name to Union Bank PLC.

A PLC is a public company and is the equivalent of a publicly traded company in the US 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.

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.

Bangladesh Bank acknowledged the change to Union Bank PLC on November 29, says a press release.

Union Bank PLC was incorporated as a banking company under Companies Act 1994 on March 7, 2013.