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Oman Exchange LLC.:
Oman Exchange LLC., 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 12 branches covering all the major cities/towns of Oman. By now the company has established direct remittance service with 8 countries viz. Bangladesh, India, Indonesia, Nepal, Pakistan, Philippines, Qatar, Sri Lanka, U.A.E.
The affairs and business of the company is run and managed by the Bank under a Management Contract.
Directors Representing from the Board of IFIC Bank Ltd.:
Mr. A.R.M. Nazmus Sakib
Director
Mr. Mohammad Shah Alam Sarwar
Director
Mr. Anwaruzzaman Chowdhury
Director
Mr. Jalal Ahmed
Director
Nepal Bangladesh Bank Ltd. Nepal:
Nepal Bangladesh Bank Ltd. (NB Bank), a joint venture commercial bank between IFIC Bank Ltd. and Nepali 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 40.90% shares in NB Bank.
Directors Representing from the Board of IFIC Bank Ltd.:
Mr. Jalal Ahmed
Chairman
Mr. Mohammad Shah Alam Sarwar
Director
Mr. Monirul Islam
Director
NIB Bank Ltd. Pakistan:
IFIC Bank established two branches in Pakistan, one at Karachi and the other at Lahore. Karachi Branch was opened on 26th April 1987, while the Lahore Branch was opened on 23rd December 1993.
Since late 1990s, the State Bank of Pakistan (SBP) revised the Minimum Capital Requirement (MCR) for banks in Pakistan time and again. To meet the MCR, a new bank has been incorporated in Pakistan in 2003 titled NDLC-IFIC Bank Ltd. (subsequently renamed as NIB Bank Ltd.) Thereafter, our Pakistan branches and a local leasing company, NDLC were amalgamated with the NIB. Consequently, our Pakistan Branches ceased to exist effective from 3rd October 2003 with the commencement of operation of the new bank.
IFIC Bank’s share capital in the bank reduced significantly from original 20% pursuant to enhancement of share capital of the bank.
Bank of Maldives, Maldives:
IFIC is the first among the banks in the private sector to have operations aboard. In 1982, the Bank setup 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 the country having wide branch network. IFIC Bank managed the affairs of BML from 1982 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.
Nepal Bangladesh Finance & Leasing Ltd.:
Commenced operation on April 18, 1999 in Nepal with 30% equity from IFIC Bank, the joint venture finance company was merged with NB Bank on September 18, 2007 as per decision of the shareholders.
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