Investment Corporation of Bangladesh

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Investment Corporation of Bangladesh (ICB)
Company typeStatutory corporation
Public
DSE: ICB
IndustryMerchant banking, mutual fund, financial services, investment banking
Founded1976; 48 years ago (1976)
HeadquartersBDBL Bhaban, 8, Rajuk Avenue, Dhaka, Bangladesh
Key people
Professor Dr Suborna Barua,[1] Chairman; Abul Hossain, Managing Director
ServicesInvestment banking, wealth management, portfolio management[2]
SubsidiariesICB Capital Management Ltd. (ICML), ICB Asset Management Company Ltd.(IAMCL), and ICB Securities Trading Company Ltd. (ISTCL)
Websiteicb.gov.bd

Investment Corporation of Bangladesh (ICB) (Bengali: বাংলাদেশ বিনিয়োগ সংস্থা) is a statutory corporation of Government of the People's Republic of Bangladesh, established on 1 October 1976 under No. 40 of Investment Corporation of Bangladesh Ordinance, 1976. It is mainly an investment bank operating in Bangladesh, established to accelerate the pace of industrialization and to develop a sound securities market in Bangladesh. ICB is one of the largest investors in share market of Bangladesh. Investing in share market, providing loans and advances, acting as manager/trustee/custodian of mutual funds are some of main activities of ICB. It's the most successful state-owned corporation of Bangladesh in terms of profitability. Classification of shareholders, as on 30 June 2013, shows that Government of the People's Republic of Bangladesh holds 27% of the shares of ICB [1] and it is enlisted in Dhaka and Chittagong stock exchanges.

Subsidiaries[edit]

After twenty-four years of establishment, the company has brought reform in its strategy and policy for conducting commercial activities by forming and managing several subsidiary companies under the Investment Corporation of Bangladesh (Amendment) Act, 2000 (the Act No. 24 of 2000).[3]

The companies are:

  1. ICB Capital Management Ltd. (ICML)
  2. ICB Asset Management Company Ltd. (IAMCL)
  3. ICB Securities Trading Company Ltd. (ISTCL).

Investment Corporation of Bangladesh Bill, 2014[edit]

In July 2014, a bill titled Investment Corporation of Bangladesh Bill, 2014 was placed by Finance Minister Abul Maal Abdul Muhith in parliament aiming to encourage investment in the country, develop the capital market and collect savings. The move comes as the government looks to have a functional ICB ordinance in place after the Investment Corporation of Bangladesh Ordinance, 1976 was declared illegal due to its issuance during the military regime (1975–1981). Therefore, this bill is aimed to replace the 'Investment Corporation of Bangladesh Ordinance, 1976'.[4][5]

Milestones[edit]

CL Milestones Date/establishment commencement
1 Establishment of ICB 1 October 1976
2 lnvestors' Scheme 13 June 1977
3 ICB Chittagong Branch 1 April 1980
4 First ICB Mutual Fund 25 April 1980
5 ICB Unit Fund 10 April 1981
6 ICB Rajshahi Branch 9 February 1984
7 Second ICB Mutual Fund 17 June 1984
8 Third ICB Mutual Fund 19 May 1985
9 ICB Khulna Branch 10 September 1985
10 ICB Sylhet Branch 15 December 1985
11 Fourth ICB Mutual Fund 6 June 1986
12 Fifth ICB Mutual Fund 8 June 1987
13 Sixth ICB Mutual Fund 16 May 1988
14 ICB Barisal Branch 31 May 1988
15 ICB as the country's Nodal DFI in SADF 7 May 1992
16 Seventh ICB Mutual Fund 30 June 1995
17 Eighth ICB Mutual Fund 23 July 1996
18 ICB Bogra Branch 6 October 1996
19 ICB Local Office, Dhaka 15 April 1997
20 Purchase of own Land with Building (Rajarbag) 11 December 1997
21 Participation in Equity of SARF 16 January 1998
22 Advance Against ICB Unit Certificates Scheme 12 October 1998
23 Lease Financing Scheme 22 April 1999
24 "The Investment Corporation of Bangladesh (Amendment)Act, 2000" 6 July 2000
25 Registration of the three Subsidiary Companies with the Registrar of Joint Stock Companies and Firms 5 December 2000
26 ICB Capital Management Ltd. 1 July 2002
27 ICB Asset Management Company Ltd. 1 July 2002
28 ICB Securities Trading Company Ltd. 13 August 2002
29 Registration as a Trustee with SEC 20 August 2002
30 Registration as a Custodian with SEC 20 August 2002
31 Bank Guarantee Scheme 21 June 2003
32 Advance Against ICB Mutual Fund/ICB AMCL Unit certificates scheme 21 June 2003
33 Consumers Credit Scheme 15 February 2004
34 Venture Capital Financing Scheme 26 April 2007
35 Purchase of Land(Agargaon) 3 March 2008
36 Commencement of management of Equity and Entrepreneurship Fund (EEF) 1 June 2009
37 Launching of Tk. 50 Billion Bangladesh Fund 5 May 2011
38 Finalization ICB's Building Design 12 April 2012
39 New Centre for In-House Training 28 June 2013
40 The Investment Corporation of Bangladesh-2014, Act Passed on parliament July 2014

See also[edit]

References[edit]

  1. ^ https://today.thefinancialexpress.com.bd/stock-corporate/suborna-barua-new-chairman-of-icb-1700502060
  2. ^ "Capital Market". Bangladesh Bank, Central Bank of Bangladesh. Archived from the original on 20 May 2015. Retrieved 30 October 2014.
  3. ^ National Encyclopedia of Bangladesh, Banglapedia. "Investment Corporation of Bangladesh". Banglapedia. Retrieved 30 October 2014.
  4. ^ "A new ordinance for ICB on way". The Daily Star. 4 July 2014. Retrieved 30 October 2014.
  5. ^ "Investment Corporation of Bangladesh Bill tabled". UNB. 1 September 2014. Retrieved 30 October 2014.
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