IFIC Bank
| 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 |
| Slogan | Your Satisfaction First |
| Website | Official website |
The International Finance Investment and Commerce (IFIC) Bank Limited is a private commercial bank in Bangladesh.
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 aboard. 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.
Milestones in the development of IFIC BANK
1976 - Established as an Investment & Finance Company under arrangement of joint venture with the Govt. of Bangladesh.
1980 - Commenced operation in Foreign Exchange Business in a limited scale.
1982 - Obtained permission from the Govt. to operate as a commercial Bank, Set up its first overseas joint venture (Bank of Maldives Limited) in the Republic of Maldives (IFIC’s share in Bank of Maldives limited was subsequently sold to Maldives Govt. in 1992)
1983 - Commenced operation as a full-fledged commercial bank in Bangladesh.
1985 - Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (Subsequently renamed as Oman International Exchange, LLC)
1987 - Set up its first overseas branch in Pakistan at Karachi
1993 - Set up its second overseas branch in Pakistan at Lahore
1994 - Set up its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Ltd.
1999 - Set up its second joint venture in Nepal for lease financing, titled Nepal Bangladesh Finance & Leasing Co. Ltd. (Which was merged with NBBL in 2007)
2003 - Set up a new Bank in Pakistan, NDLC-IFIC Bank Ltd. (Subsequently renamed as NIB Bank Ltd.) and the Overseas Branches of IFIC and a local leasing company, NDLC were amalgamated with and into it.
2005 - Acquired MISYS solution for real time online banking application - Core Risk Management implemented
2007 - Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Prepaid by 2010)
2010 - Set up Offshore Banking Unit (OBU)
2011 - Established a fully owned subsidiary exchange company named IFIC Money Transfer (UK) Ltd.
2012 - Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka
2014 - Introduced 'IFIC MOBILE BANKING' service.
Branches
The IFIC Bank has 130 branches all over the country. Latest branch opens in Panchdona, Narshingdi, Bangladesh.
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. The exchange company has a network of 12 branches covering all the major cities/towns of Oman. By now the company has established direct remittance service with 8 countries viz. Bangladesh, India, Indonesia, Nepal, Pakistan, Philippines, Qatar, Sri Lanka, U.A.E. The affairs and business of the company is run and managed by the Bank under a Management Contract. Nepal Bangladesh Bank Ltd. Nepal:
Nepal Bangladesh Bank Ltd. (NB Bank), a joint venture commercial bank between IFIC Bank Ltd. and Nepali nationals, started operation with effect from June 6, 1994, in Nepal with 50% equity from IFIC Bank Ltd. The Bank has so far opened 17 (seventeen) branches at different important locations in Nepal. IFIC Bank presently holds 37.46% shares in NB Bank.
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. Since late 1990s, the State Bank of Pakistan (SBP) revised the Minimum Capital Requirement (MCR) for banks in Pakistan time and again. To meet the MCR, a new bank has been incorporated in Pakistan in 2003 titled NDLC-IFIC Bank Ltd. (subsequently renamed as NIB Bank Ltd.) Thereafter, Pakistan branches and a local leasing company, NDLC were amalgamated with the NIB. Consequently, our Pakistan Branches ceased to exist effective from 3 October 2003 with the commencement of operation of the new bank. IFIC Bank’s share capital in the bank reduced significantly from original 20% pursuant to enhancement of share capital of the bank.
Bank of Maldives, Maldives:
IFIC is the first among the banks in the private sector to have operations aboard. 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. This is the only national bank in the country having wide branch network. IFIC Bank managed the affairs of BML from 1982 to 1992. IFIC Bank sold its shares in 1992 to the Government of the Republic of Maldives and handed over the Management of BML to Maldives Government.
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.