International Finance Investment and Commerce Bank Limited

International Finance Investment and Commerce Bank Limited (IFIC Bank Limited) was initially set up as a private investment company in October 1976 with the name 'International Finance and Investment Company'. At the outset, the company was involved in investment and financing solely and jointly in the countries of Middle East. On 24 June, 1983 it started operation commercial banking in Bangladesh as the International Finance Investment and Commerce Bank Limited with an approved capital of 100 million divided into one million ordinary shares of Tk 100 each. At the beginning, the paid up capital of the bank was Tk 71.5 million, which rose to Tk 80 million by 1986. 60% of the total shares of the bank were included in A-group. General shareholders and entrepreneurs paid up the full prices of those shares. The remaining of 40% shares belong to B-group was allotted to the government of Bangladesh and the government paid up the prices of those shares.

Table Basic facts and economic indicators (in million Taka).

Indicators	2004	2005	2006	2007	2008	2009
Authorised capital	500	500	500	1600	1600	5350
Paid up capital	406	406	406	671	1341	1744
Reserved Fund	809	955	1310	1943	1859	2301
Deposits	20774	22505	28621	29900	36092	50018
(a) Call Deposits	3437	4849	5682	10572	11316	18975
(b) Term Deposits	17337	17656	22939	19328	24776	31043
Loans and Advance	21281	21694	25490	28361	33018	37793
Investment	2666	2971	3545	3856	5237	9083
Total Asset	28576	30201	36080	39914	45737	62902
Total income	2687	2672	3688	5196	5526	6494
Total Expenditure	1987	2123	2825	3694	3904	4535
Foreign Currency Trading	58622	66072	92353	105996	129170	111106
a) Export	29535	33698	49009	54865	66557	54244
b) Import	24785	26629	36761	44353	50336	43717
c) Remittance	4302	5745	6583	6778	12277	13145
Total Manpower:	1896	1993	2014	1997	2110	2195
a) Officers	1317	1418	1430	1402	1481	1587
b) Staff	579	575	584	595	629	608
Correspondents Banks	242	264	275	304	324	341
Total Branches (in numbers)	62	65	65	69	74	82
a) Domestic	62	65	65	69	74	82
b) Overseas	-	-	-	-	-	-
Agriculture Credit:
Loan Disbursed	51	36	18	198	290	462
Realised	09	53	06	50	43	301
Industrial Credit:
Loan Disbursed	4049	3944	3814	2776	3842	5922
Realsied	3732	3619	3440	2901	3794	4960
Loan Outstanding by Sector
Agriculture and Fisheries	68	58	71	233	541	344
Industry	2926	3487	4041	4837	5426	5762
Trade and Commerce	6922	7570	9204	12325	14348	13165
Poverty Reduction	-	-	-	-	-	-

Source Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Bank o Arthik Prothisthan Samuher Karjaboli [Annual Report on Banks and Financial Institutions] 2004-05 to 2009-10.

IFIC Bank Ltd in-cooperation with some Nepalese entrepreneurs launched a new bank in Kathmandu, Nepal-Bangladesh Bank limited in 1984. In 1985, the Bank with the associate of Oman citizens established a joint venture company titled Oman International Exchange Company LLC in Oman. In Nepal IFIC Bank Ltd and Nepal-Bangladesh Bank with a joint effort set up a leasing company named Nepal Bangladesh Finance and Leasing Company Limited. Two Branches of IFIC Bank in Pakistan were merged with National Development Leading Company to launch a new bank there, NIB Bank Limited. IFIC Bank is registered under the Dhaka and Chittagong Stock Exchanges as a banking company.

A 12-member Board of Directors looks after the overall management and policy intervention of the bank. In 2009, it had 82 branches and total number of manpower was 2,195.

Beside Loan and advance, IFIC Bank has invested in government treasury bills, prize bond, shares and debentures of various companies and equity capital in a few foreign enterprises. In 2009, IFIC Bank introduced three Small and Medium Enterprise (SME) centres to expend its loan facilities. The bank is playing a vital role in promoting the country's rural economy by extending agriculture loan for irrigation, poultry, dairy and fish farms and crops loan. [Muhammad Abdul Mazid]