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Report On Financial Statement

2641 words - 11 pages

INTRODUCTION:

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. ...view middle of the document...

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)

1983 - Commenced operation as a full-fledged commercial bank in Bangladesh.

1985 - Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (Subsequently renamed as Oman International Exchange, LLC)

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, titled Nepal Bangladesh Bank Ltd.

1999 - 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)

2003 - 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.

2005 - Acquired MISYS solution for real time online banking application

- Core Risk Management implemented

2007 - Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Prepaid by 2010)

2010 - Set up Offshore Banking Unit (OBU)

2011 - Established a fully owned subsidiary exchange company named IFIC Money Transfer (UK) Ltd.

2012 - Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka

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.

Remittance Arrangement
Oman International Exchange LLC, Oman

Coinstar Money Transfer (CMT)-global company
Xpress Money Services Ltd., UK
Placid NK Corporation, USA (global company)
Al Fardan Exchange, UAE
Multinet Trust Exchange LLC, UAE
Asia Exchange Centre, UAE

Technology
Since the beginning of its journey as a...

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