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 having vast experience in the field of trade and commerce own 11.31% of the share capital and the rest is held by the general public.
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. 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.
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.
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.
Set up its first
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)
Commenced operation as a full-fledged commercial bank in Bangladesh.
Set up a joint venture Exchange Company
Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (Subsequently renamed as Oman International Exchange, LLC)
Set up its first overseas
Set up its first overseas branch in Pakistan at Karachi
Set up its second overseas
Set up its second overseas branch in Pakistan at Lahore
First joint venture in Nepal
Set up its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Ltd.
Second joint venture in Nepal
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)
New Bank in Pakistan
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.
Acquired MISYS solution
Acquired MISYS solution for real time online banking application Core Risk Management implemented
Launched VISA branded
Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Prepaid by 2010)
Set up Offshore Banking
Set up Offshore Banking Unit (OBU)
Established a fully
Established a fully owned subsidiary exchange company named IFIC Money Transfer (UK) Ltd.
Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka
Achieved the landmark of Tk 10,000 Crore deposit
Launching Mobile Bank
Launching of IFIC Mobile Bank
Crossed the landmark
Crossed the landmark of Tk 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.