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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]