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 [2] and it is enlisted in Dhaka and Chittagong stock exchanges.
 | |
| Company type | Statutory corporation Public |
|---|---|
| DSE: ICB | |
| Industry | Merchant banking, mutual fund, financial services, investment banking |
| Founded | 1976 |
| Headquarters | BDBL Bhaban, 8, Rajuk Avenue, Dhaka, Bangladesh |
Key people | Professor Abu Ahmed,[1] Chairman; Abul Hossain, Managing Director |
| Services | Investment banking, wealth management, portfolio management[2] |
| Subsidiaries | ICB Capital Management Ltd.[1] (ICML), ICB Asset Management Company Ltd.(IAMCL), and ICB Securities Trading Company Ltd. (ISTCL) |
| Website | icb |
Subsidiaries
editAfter 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:
- ICB Capital Management Ltd. (ICML)[3]
- ICB Asset Management Company Ltd. (IAMCL)
- ICB Securities Trading Company Ltd. (ISTCL).
Investment Corporation of Bangladesh Bill, 2014
editIn 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.[4] | 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
editReferences
edit- ^ "Professor Abu Ahmed new chairman of ICB".
- ^ "Capital Market". Bangladesh Bank, Central Bank of Bangladesh. Archived from the original on 20 May 2015. Retrieved 30 October 2014.
- ^ National Encyclopedia of Bangladesh, Banglapedia. "Investment Corporation of Bangladesh". Banglapedia. Retrieved 30 October 2014.
- ^ "A new ordinance for ICB on way". The Daily Star. 4 July 2014. Retrieved 30 October 2014.
- ^ "Investment Corporation of Bangladesh Bill tabled". UNB. 1 September 2014. Retrieved 30 October 2014.