Mohammad A Moyeen, chairman of Vanik Bangladesh, announced the new name of the company at a function in Dhaka yesterday.

Besides the renaming, the company has also restructured its management, included local and foreign banks in its equity partnership, introduced modern IT infrastructure and widened its service area, said Sayyed Husain Jamal, managing director of the company, while addressing the function.

Operating multi products such as leasing, credit card, corporate finance and merchant banking financing, Vanik Bangladesh has been in operation in Bangladesh since 1997.

Vanik Incorporation Limited, a leading financial institution of Sri Lanka, in collaboration with some Bangladesh entrepreneurs set up the Vanik Bangladesh Limited, said Jamal.

In early 2003, Sampath Bank Limited, a commercial bank of Sri Lanka, and Chinkara Capital (Singapore) Pte Ltd joined Vanik Bangladesh as equity partner. Later One Bank Limited of Bangladesh also joined the company as equity partner, he added.