Profile

International Finance Investment and Commerce Bank Limited (IFIC Bank) is a 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. The Government held 49 per cent shares and the rest 51 per cent were held by the sponsors and general public. 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 35% of the share capital of the Bank. Leading industrialists of the country having vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public.

Bank's Mission

Our Mission is to provide service to our clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make our position unique in giving quality service to all institutions and individuals that we care for.

We are committed to the welfare and economic prosperity of the people and the community, for we drive from them our inspiration and drive for onward progress to prosperity.

We want to be the leader among banks in Bangladesh and make our indelible mark as an active partner in regional banking operating beyond the national boundary.

In an intensely competitive and complex financial and business environment, we particularly focus on growth and profitability of all concerned.

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Board of Directors

Board of Directors of the Bank is a unique combination of both private and Government sector experience. Currently it consists of 13 Directors. Of them eight represent the sponsors and general public and four senior officials in the rank and status of Additional Secretary/Joint Secretary represent the Government. Managing Director is the ex-officio Director of the Board.


1	Mr. Mohammad Lutfar Rahman	Chairman
2	Mr. Abu Tahir Mohammad Golam Maruf	Director
3	Mr. Murshed Murad Ibrahim	Director
4	Mr. Aminur Rahman	Director
5	Mr. Md. Yasin Ali	Director
6	Mr. Didarul Alam	Director
7	Chowdhury Nafeez Sarafat	Director
8	Mr. Gulzar Alam Chowdhury	Director
9	Mr. Tanim Noman Sattar	Director
10	Mr. Mahmudul Huq Bhuiyan	Director
11	Mr. Arastoo Khan	Director
12	Mr. Syed Monjurul Islam	Director
13	Mr. Mohammad Ali Khan, ndc	Director
14	Mr. Mashiur Rahman	Managing Director

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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.

1983 - Setup its first overseas joint venture (Bank of Maldives) on the Republic of Maldives.
- Commenced operation as a full-fledged commercial Bank in Bangladesh.

1985 - Set up a joint venture Exchange Company in the Sultanate of Oman.

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.

1999 - Set up its second joint venture in Nepal for lease financing.

2003 - Bank celebrated its 20th founding anniversary.
- Overseas Branches in Pakistan amalgamated with NDLC, to establish a joint venture Bank: NDLC-IFIC Bank Ltd., subsequently renamed as NIB Bank Ltd.

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Management Structure

The thirteen members of the Board of Directors are responsible for the strategic planning and overall policy guidelines of the Bank. Further, there is an Executive Committee of the Board to dispose of urgent business proposals.

Besides, there is an Audit Committee in the Board to oversee compliance of major regulatory and operational issues.

The CEO and Managing Director, Deputy Managing Director and Head of Divisions are responsible for achieving business goals and overseeing the day to day operation.

The CEO and Managing Director is assisted by a Senior Management Group consisting of Deputy Managing Director and Head of Divisions who supervise operation of various Divisions centrally and co-ordinates operation of branches.

Key issues are managed by a Management Committee headed by the CEO and Managing Director. This facilitates rapid decisions.

There is an Asset Liability Committee comprising member of the Senior Executives headed by CEO and Managing Director to look into all operational functions and Risk Management of the Bank.

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Risk Management

In view of the global recognition towards need of an effective risk management and control systems in financial sector, IFIC Bank being cognizant of the importance of the subject, has prepared and implemented the following policy guidelines on Risk Management:

      � Credit Risk Management
      � Asset Liability Management
      � Foreign Exchange Risk Management
      � Internal Control & Compliance
      � Prevention of Money Laundering

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Key Figures - 2005

Employees : 2003
Customers : 200,000
Branches : 65
Affiliates : 4

In million	USD	Taka
Total Assets	431.44	30,201.05
Total Capital	25.06	1,754.41
Market Capitalization	33.25	2,327.82
Earning per share		20.24

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Financial Highlights

Figure in million

Sl.	Description	2005		2004		2003
Sl.	Description	Taka	USD	Taka	USD	Taka	USD
1	Authorized Capital	500.00	7.14	500.00	8.14	500.00	8.47
2	Paid up Capital	406.44	5.80	406.39	6.61	406.39	6.89
3	Tier-I Capital	1,269.18	18.13	1,186.93	19.32	1,115.02	18.90
4	Tier-II Capital	485.23	6.93	421.87	6.87	421.87	7.15
5	Total Capital	1,754.41	25.06	1,608.80	26.18	1,536.89	26.05
6	Total Deposit	22,505.17	321.50	20,774.49	338.07	19,799.33	335.58
7	Total Loans & Advances	21,694.90	309.92	21,280.88	346.31	20,450.90	346.63
8	Investment	2,971.47	42.44	2,666.29	43.39	2,406.27	40.78
9	Total Asset	30,201.05	431.44	28,575.83	465.03	27,101.27	459.34
10	Import Business	26,629.45	408.94	24,810.12	403.74	25,412.20	430.72
11	Export Business	33,698.27	528.61	29,513.90	480.29	27,557.30	467.07
12	Remittance	4,744.94	89.03	4,297.79	69.94	3,344.00	56.68
13	Guarantee Business	2,481.40	35.45	550.56	8.96	2,206.43	37.40
14	Total Income	2,672.20	38.17	2,687.02	43.73	2,543.83	43.12
15	Total Expenditure	2,122.66	30.32	1,986.77	32.33	1,921.75	32.57
16	Operating Profit	549.54	7.85	700.25	11.40	622.08	10.54
17	Credit Deposit Ratio	96.40%	-	102.44%	-	103.29%	-
18	Return on Asset	0.27%	-	0.25%	-	0.24%	-
19	Return on Equity	6.04%	-	5.92%	-	5.63%	-

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Joint Ventures Abroad

Bank of Maldives Limited

IFIC is the first among the banks in the private sector to have operations abroad. In 1983, 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 that country having branches throughout that country. IFIC Bank managed the affairs of BML from 1983 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.

NIB Bank Ltd., Pakistan:

IFIC Bank had two branches in Pakistan, one in Karachi and the other in Lahore. Karachi Branch was opened on 26th April 1987, while Lahore Branch was opened on 23rd December 1993.

To meet the Minimum Capital Requirement (MCR) of the State Bank of Pakistan, the Overseas Branches in Pakistan have been amalgamated with a reputed leasing company in Pakistan named National Development Leasing Corporation Ltd. Therefore, the existence of our above Overseas Branches has ceased w.e.f. 2nd October 2003 and a new joint venture bank entitled NDLC - IFIC Bank Ltd. emerged in Pakistan w.e.f. 3rd October 2003. The Bank was subsequently renamed as NIB Bank Ltd. IFIC Bank presently holds 7.31% equity in the Bank.

Nepal Bangladesh Bank Ltd. (NB Bank)

Nepal Bangladesh Bank Ltd. (NB Bank), a joint venture commercial bank between IFIC Bank Ltd. and Nepal nationals, started operation with effect from June 06, 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 25% shares in NB Bank.

Nepal Bangladesh Finance & Leasing Limited (NB Finance):

Nepal Bangladesh Finance & Leasing Co. Ltd. (subsequently renamed as Nepal Bangladesh Finance & Leasing Ltd.), another joint venture leasing company between IFIC Bank Ltd. and Nepali Nationals, started its operation on April 18, 1999 in Nepal. IFIC Bank presently holds 15% share in the company.

Oman International Exchange LLC (OIE)

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 10 branches covering all the major cities/towns of Oman. The operations of the branches are fully computerized having online system.

The affairs and business of the company is run and managed by the Bank under a Management Contract.

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Correspondent Banks

Country	Correspondent	Swift Address	Currency
U.S.A	Standard Charted Bank, New York	SCBL US 33	US DOLLAR
U.S.A	Mashreq Bank psc. New York	MSHQ US 33	US DOLLAR
U.S.A	HSBC Bank USA, New York	MRMD US 33	US DOLLAR
U.S.A	American Express Bank Ltd. New York	AEIB US 33	US DOLLAR
HONG KONG	Mashreq Bank psc. Hong Kong	MSHQHKHH	US DOLLAR
U.K	Standard Charted Bank, London	SCBL GB 2L	US DOLLAR
U.S.A	City Bank N.A., New York	CITIUS 33	US DOLLAR
U.S.A	J.P. Morgan Chase Bank N.A., New York	CHAS US 33	US DOLLAR
U.K.	Standard Chartered Bank, London	SCBL GB 2L	GB POUND
U.K.	H.S.B.C. Bank plc, London	MIDL GB22	GB POUND
SWITZERLAND	UBS AG., Zurich	UBSW CH ZH	SWISS FRANC
JAPAN	Bank of Tokyo-Mitsubishi, Tokyo	BOTKJPJT	JAPANESE YEN
GERMANY	Hypovereins Bank AG, Munich	HYVE DE MM	EURO
GERMANY	Commerz Bank AG, Frankfurt	COBADEFF	EURO
GERMANY	JP Morgan Chase Bank AG, Frankfurt	CHAS DE FX	EURO
CANADA	HSBC Bank Canada, Toronto	HKBCCATT	CANADIAN DOLLAR
INDIA	Sonali Bank, Kolkata	BSONINCC	ACU DOLLAR
INDIA	State Bank of India, Kolkata	SBIN IN BB 106	ACU DOLLAR
INDIA	Standard Chartered Bank, Kolkata	SCBL IN BB CAL	ACU DOLLAR
INDIA	American Express Bank Ltd., Kolkata	AEIB IN DX CAL	ACU DOLLAR
INDIA	Arab Bangladesh Bank Ltd., Mumbai	ABBL IN BB	ACU DOLLAR
INDIA	The Hongkong & Shanghai Banking Corporation, Mumbai	HSBC IN BB	ACU DOLLAR
INDIA	ICICI Bank Ltd., Kolkata	ICICINBBCTS	ACU DOLLAR
SRILANKA	Nations Trust Bank Ltd., Colombo	NTBC LK LX	ACU DOLLAR
NEPAL	Nepal Bangladesh Bank Ltd. Kathmandu	NPBBNPKA	ACU DOLLAR
BHUTAN	Bank of Bhutan, Phuentosoling	BHUBBTBT	ACU DOLLAR
PAKISTAN	NIB Bank Ltd., Karachi	NIBPPKKA	ACU DOLLAR
AUSTRALIA	J.P.Morgan Chase Bank, Sydney	CHAS AU 2X	AUSTRALIAN DOLLAR
AUSTRALIA	HSBC Bank Australia Ltd., Sydney	HKBA AU 2X	AUSTRALIAN DOLLAR

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Technology

Since the beginning of its journey as a commercial bank in 1983, IFIC Bank has been giving great emphasis on the adoption of modern technology. It became the pioneer in the field of automation by introducing computerized branch banking right in the same year. Subsequently, all the branches were brought under similar automated platforms with upgraded software applications to offer all the critical banking features. At present all 65 domestic branches are fully computerized under networked environment.

The Bank has taken up a new project with Misys International Banking System Inc. (UK) to further upgrade its banking operation to state-of-art world class on-line banking solutions to provide faster and even more convenient centralized services to the clients.

Besides, the Bank is also operating fully on-line Automated Teller Machine (ATM) services under the banner Q-Cash at a number of locations in Dhaka and Chittagong. The ATM facilities are available to the customers at Q-Cash booth.

Since the importance of Web presence in the Internet is absolutely critical, IFIC Web Site www.ificbankbd.com has long been launched for the convenience of the customers, where all the activities and information are constantly being posted and updated. A Central Mailing System is operational at the Head Office to let the customers have direct electronic access to the selected staff.

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Human Resource Development (HRD)

Human Resources Development is focused on recruitment and in-house training for both on the job and off the job Bank staff members through the Bank�s Academy. IFIC Bank Academy � the oldest institution in the private sector � was conceived of as an in-house training center to take care of the training needs of the Bank internally.

Academy is fully equipped with a professional library, modern training aids and professional faculty. Library has about 4941 books on banking, economics, accounting, management, marketing and other related subjects.

Main training activities consist of in-depth foundation programmes for entry level Management Trainees. Specialized training programmes in the areas like general banking, advance, foreign exchange, marketing and accounts etc. are also organized by the Academy depending on need.

Frequently outreach programmes are organized to meet demand for new and specialized skills.

During its 23 years of existence, Academy not only conducted courses, workshops and seminars as required by the Bank, but it also organized training programmes for the Bank of Maldives, Nepal Bangladesh Bank Limited and Oman International Exchange LLC. In addition, Academy has also the credit of organizing system of Bank of Maldives.

In addition to conducting courses internally, The Academy also selects candidates for nomination to various courses conducted by distinguished training organizations in the country including Bangladesh Bank Training Academy and Bangladesh Institute of Bank Management.

The Academy also re-designs its courses, programmes etc, regularly to meed the requirement of new skills arising out of various directives, guidelines of the Central Bank and significant changes in the banking sector from time to time.

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