Uttara Finance and Investment Limited a joint venture leasing and financing company registered as a non-bank financial institutions under the Financial Institution Act 1993 and the companies act 1994. It commenced business on 1 November 1995 with an authorised capital of Tk 250 million divided in to shares of Tk 100 each. The paid up capital of the company is Tk 120 million. Of the total share capital, 25% is held by Bangladeshi sponsors, 20.83% by foreign sponsors (Singaporean), 14.10% by the investment corporation of bangladesh, 0.09% by its employees and 39.98% by the general public. The company is listed with both Chittagong and Dhaka Stock Exchanges.

The company provides lease finance for all types of industrial and commercial light and heavy equipment and consumer durable including vehicles, as well as temporary credit support to its clients. It provides documentary credit support to import lease assets from abroad and asset-related term financing. Merchant banking activity of the company includes underwriting, portfolio management, bridge financing, facilities through syndication/consortium, mutual fund and investment in capital market through investors' account.

Main areas of business operations of the company are related to leasing for providing benefits of asset-based lease facilities. The company signed business contracts on lease and term finance for Tk 423.44 million in 2000. Of the total contracts processed, those for Tk 383.71 million were executed. Up to 31 December 2000, total amount of net leased assets and net term finance of the company stood at Tk 624.14 million. Assets of the company comprised leased assets, term finance, investment in shares, and other current assets. The company earned a net profit of Tk 33.99 million in 2000.

The management of the company is vested in a 9-member board of directors with the managing director as the chief executive. In 2001, the company had a total of 40 employees. [S M Mahfuzur Rahman]