IFIC Bank PLC 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 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 (including Directors) holds 32.75% of the share capital of the Bank and the rest is held by Institutions both Local & Foreign and General Shareholders. The Government is being represented by two nominated Directors on the Board of the Bank. Among them, the current Board of Directors are formed by Bangladesh Bank with four Independent Directors came from different sectors with vast knowledge and experience.
Corporate Profile
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Name of the Company |
Off-shore Banking Unit (OBU) IFIC Bank PLC - OBU Federation Branch,FBCCI Building, 60 Motijheel C/A, Dhaka |
| Legal Form IFIC Bank PLC was incorporated in Bangladesh and registered with the Registrar of Joint Stock Companies & Firms as a public company limited by shares |
Auditors
M. J. Abedin & Co., Chartered Accountants |
| Company Registration Number C-4967, Dated: 08 October 1976 |
Legal Adviser Ahsanul Karim |
| Authorized Capital BDT 40,000.00 million |
Tax Consultants Adil & Associates |
| Paid up Capital BDT 18,305.587 million |
Credit Rating Agency Emerging Credit Rating Limited |
| Listing Status Listed with Dhaka Stock Exchange PLC (DSE) and Chittagong Stock Exchange PLC (CSE) in 1986 and 1997 respectively |
Chairman Md. Mehmood Husain |
| Market Category ‘B’ Category |
Managing Director Syed Mansur Mustafa |
| Tax Payer Identification Number (TIN) 135055865054 |
Head of ICC M. Mozibar Rahman |
| VAT Registration Number 19081167140 |
Chief Financial Officer Dilip Kumar Mandal, FCA |
| Business Identification Number (BIN) 000136288-0208 |
Company Secretary Mokammel Hoque, FCS |
| Subsidiary Companies IFIC Securities Limited IFIC Investment Limited IFIC Money Transfer (UK) Limited |
No. of Employees 5,332 |
| Registered Office IFIC Tower, 61 Purana Paltan GPO Box : 2229, Dhaka-1000 IP Phone No.: 09666716250 (Hunting) Fax: 880-2-44850205, Swift: IFIC BD DH E-mail: info@ificbankbd.com Website: www.ificbank.com.bd |
No. of Branches 187 |
| No. of Uposhakhas 1214 |
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| No. of Shareholders 56,415 |
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| Investors’ Relation IFIC Tower (17th Floor) 61 Purana Paltan, Dhaka-1000 Hotline: 09666716250 |
At IFIC, we want to be the preferred financial service provider through innovative, sustainable and inclusive growth and deliver the best in class value to all stakeholders.
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 derive from them our inspiration and drive for onward progress to prosperity.
In an intensely competitive and complex financial and business environment, we particularly focus on growth and profitability of all concerned.
Integrity: Upholding integrity in all that we do, always, everywhere.
Fairness: Striving to offer the best to our customers equitably with transparency.
Innovation: Encouraging and nurturing creativity.
Commitment: Committed to excellence in customer service and maximization of stakeholders’ value through teamwork.
- To strive for sound business growth by ensuring customer satisfaction through quality and timely services
- To manage and operate the Bank in the most efficient manner to ensure achievement of goals
- To maintain adequate capital flow to support further growth
- To ensure effective and efficient risk management for sustainable business growth
- To diversify loan portfolio through structured finance and expansion of Corporate, SME, Agri and Retail businesses
- To mount state-of-the-art technologies and adopt innovative ideas for financial inclusion
- To groom human resources for serving customers efficiently
- To increase brand visibility by creating positive image of the Bank S To be a trend-setter in serving the society and remain responsive to the environment S To ensure sound corporate governance practices
- To facilitate mobility in banking by up-gradation of Internet and Mobile Banking S To add value for all stakeholders.
Milestones in the development of IFIC BANK
Established as an Investment & Finance Company under arrangement of joint venture with the Govt. of Bangladesh.
Commenced operation in Foreign Exchange Business in a limited scale.
Obtained permission from the Govt. to operate as a commercial Bank. Setting up of 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).
Commenced operation as a full-fledged commercial bank in Bangladesh.
Setting up of a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (Subsequently, renamed as Oman Exchange LLC).
Setting up of its first overseas branch at Karachi in Pakistan.
Setting up of its second overseas branch at Lahore in Pakistan.
Setting up of its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Limited.
Setting up of its second joint venture in Nepal for lease financing, titled Nepal Bangladesh Finance & Leasing Co. Limited (Which was merged with NBBL in 2007).
Setting up of a new Bank in Pakistan, NDLC-IFIC Bank Limited (Subsequently renamed as NIB Bank Limited and which was again merged with MCB Bank Limited in 2017) and the Overseas Branches of IFIC and a local leasing company, NDLC were amalgamated with and into it.
Acquired MISYS solution for real time online banking application. Core Risk Management implemented.
Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Pre-paid by 2010).
Setting up of Off-shore Banking Unit (OBU).
Established a fully owned subsidiary exchange company named IFIC Money Transfer (UK) Limited.
Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka.
Achieved the Landmark of BDT 10,000 Crore in Deposits.
Launching of IFIC Mobile Bank.
Crossed the Landmark of BDT 20,000 Crore in Foreign Trade Business.
Inauguration of IFIC Tower at 61 Purana Paltan, Dhaka.
Launched an innovative product IFIC Aamar Account, combining benefits of current & saving accounts, FDR, credit cards etc. Became market leader in Home Loan product under retail banking segment. Introduced One Strop Service model in the branches for the first time in Bangladesh.
IFIC Home Loan outstanding crossed the amount BDT 2,911.40 crore. Aamar Account balance stood at BDT 1,456.49 crore with a total of 99,399 nos. Accounts.
- Established 35 Uposhakhas across the country
- Launched IFIC Aamar Bank (Digital Banking Platform)
- Launched IFIC Shohoj Account to expand financial inclusion.
- Number of Branches crossed 150 and number of Uposhakhas around the country stood at 285.
- IFIC Home Loan Sanctioned amount reached BDT 61061.924 Million as of 31 December 2020.
- Launched IFIC Shohoj Rin.
- Formation of IFIC Investment Limited for merchant banking operations.
Number of Branches crossed 160 and number of Uposhakhas around the country stood at 730.
IFIC Bank made history as the first bank in Bangladesh to establish its 1000th uposhakha by inaugurating a new uposhakha in historic Mujibnagar, Meherpur dated November 26, 2022
1. IFIC Bank becomes the largest bank in the country in terms of the maxium numbe rof branches and uposhakhas
2. IFIC Bank achieved the milestone of 10 thousand crore deposit through its uposhakhas