IFIC Bank

IFIC Bank Limited
Type	Private (Non-Government), (DSE IFIC)
Industry	Banking
Founded	Dhaka, Bangladesh (1976)
Headquarters	Dhaka, Bangladesh
Key people	Salman F Rahman (Chairman) Mr. M. Shah Alam Sarwar (Managing Director)
Products	Banking services, Consumer Banking Corporate Banking Investment Banking
Website	Official website

The International Finance Investment and Commerce (IFIC)^[1] Bank Limited is a private commercial bank in Bangladesh.^[2]^[3]^[4] The majority of the shares are owned by the Government of Bangladesh. In 2013 IFIC announced planned to become a sharia compliant bank.^[5]

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 132 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.

List of banks in Bangladesh

Central bank	Bangladesh Bank

State-owned commercial banks	Agrani Bank Sonali Bank Rupali Bank Janata Bank

Private commercial banks	AB Bank Bangladesh Commerce Bank Limited Bank Asia Limited BRAC Bank Limited Dhaka Bank Limited Dutch Bangla Bank Limited Eastern Bank Limited Farmers Bank Limited IFIC Bank Limited Jamuna Bank Limited Meghna Bank Limited Mercantile Bank Limited Midland Bank Limited Modhumoti Bank Limited Mutual Trust Bank Limited National Bank Limited NCC Bank Limited NRB Bank Limited NRB Commercial Bank Limited NRB Global Bank Ltd One Bank Limited Prime Bank Limited Pubali Bank Limited South Bangla Agriculture and Commerce Bank Ltd Southeast Bank Limited Standard Bank Limited The City Bank Premier Bank Limited Trust Bank Limited United Commercial Bank Ltd Uttara Bank Limited

Islamic Commercial Banks	Al-Arafah Islami Bank Limited Export Import Bank of Bangladesh Limited First Security Islami Bank Limited ICB Islamic Bank Islami Bank Bangladesh Ltd Shahjalal Islami Bank Limited Social Islami Bank Limited Union Bank Limited

Foreign commercial banks	Bank Alfalah Citibank NA Commercial Bank of Ceylon Habib Bank Limited HSBC National Bank of Pakistan Standard Chartered Bank State Bank of India Woori Bank

Specialized banks	Grameen Bank Bangladesh Krishi Bank Rajshahi Krishi Unnayan Bank Bangladesh Development Bank Ltd BASIC Bank Limited Probashi Kallyan Bank Karmasangsthan Bank Ansar-VDP Unnayan Bank Shimanto Bank

References

↑ "Bangladesh on the Tipaimukh Dam: A print media analysis". The Daily Star. 2012-02-10. Retrieved 2016-05-09.
↑ "International Finance Investment and Commerce Bank Limited - Banglapedia". en.banglapedia.org. Retrieved 2016-05-09.
↑ "Home loan now at single digit interest rate". Prothom Alo. Retrieved 2016-05-09.
↑ "IFIC Bank plans to build rural network". The Daily Star. 2013-11-25. Retrieved 2016-05-09.
↑ "IFIC to become Islamic bank". The Daily Star. 2013-11-20. Retrieved 2016-05-09.

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IFIC Bank

History

Branches

See also

References