Industry Banking Founded 1976, Dhaka, Bangladesh | Website Official website Headquarters Dhaka | |
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Type Limited liability company (DSE IFIC) Key people Salman F Rahman (Chairman)
Mr. M. Shah Alam Sarwar (Managing Director) Products Banking services, Consumer Banking
Corporate Banking
Investment Banking Subsidiaries Nepal Bangladesh Bank, IFIC Money Transfer (UK) Ltd, Ific Securities Ltd, IFIC Bank Ltd., Asset Management Arm | ||
The International Finance Investment and Commerce (IFIC) Bank Limited is a private commercial bank in Bangladesh. The majority of the shares are owned by the Government of Bangladesh. In 2013 IFIC announced planned to become a sharia compliant bank.
Contents
History
International Finance Investment and Commerce Bank Limited (IFIC Bank) is banking company incorporated in the People’s Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions abroad. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. The Government of the People’s Republic of Bangladesh now holds 32.75% of the share capital of the Bank. Directors and Sponsors own 11.31% of the share capital and the rest is held by the general public.
Branches
The IFIC Bank has 134 branches all over the country.
Joint Ventures Abroad
Oman International Exchange LLC, Oman:
Oman International Exchange LLC (OIE), a joint venture between IFIC Bank Limited and Oman Nationals, was established in 1985 to facilitate remittance by Bangladeshi wage earners in Oman. IFIC Bank holds 25% shares and the balance 75% is held by the Omani sponsors.
NIB Bank Ltd. Pakistan:
IFIC Bank established two branches in Pakistan, one at Karachi and the other at Lahore. Karachi Branch was opened on 26 April 1987, while the Lahore Branch was opened on 23 December 1993.
Bank of Maldives, Maldives:
In 1982, the Bank set up a joint venture bank in Maldives known as "Bank of Maldives Limited" (BML) at the request of the Government of the Republic of Maldives.
Nepal Bangladesh Finance & Leasing Ltd.:
Commenced operation on April 18, 1999 in Nepal with 30% equity from IFIC Bank, the joint venture finance company was merged with NB Bank on September 18, 2007 as per decision of the shareholders.