Investment Corporation of Bangladesh

Investment Corporation of Bangladesh (ICB)
Statutory Corporation
Industry Merchant banking, Mutual fund, Financial services, Investment Banking
Founded 1976, under 'Investment Corporation of Bangladesh Ordinance, 1976'
Headquarters BDBL Bhaban (Level-14), 8, DIT Avenue, Motijheel, Dhaka-1000, Bangladesh
Key people
 Dr. Mojib Uddin Ahamed, Chairman; Md. Fayekuzzaman, Managing Director
Services Investment Banking, Wealth Management, Portfolio Management[1]
Subsidiaries ICB Capital Management Ltd. (ICML), ICB Asset Management Company Ltd. (IAMCL), and ICB Securities Trading Company Ltd. (ISTCL)
Website www.icb.gov.bd

Investment Corporation of Bangladesh (ICB) (Bengali: বাংলাদেশ বিনিয়োগ সংস্থা) is a statutory company 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. 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 and it is enlisted in Dhaka and Chittagong stock exchanges.

Subsidiaries

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).[2]

The companies are: (1) ICB Capital Management Ltd. (ICML), (2) ICB Asset Management Company Ltd. (IAMCL), and (3) ICB Securities Trading Company Ltd. (ISTCL).

Investment Corporation of Bangladesh Bill, 2014

In July 2014, a bill titled Investment Corporation of Bangladesh Bill, 2014 was placed by Finance Minister Abul Mal 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’.[3][4]

See also

References

  1. ↑ Central Bank of Bangladesh, Bangladesh Bank. "Capital Market". http://www.bangladesh-bank.org/''. Retrieved 30 October 2014.
  2. ↑ National Encyclopedia of Bangladesh, Banglapedia. "Investment Corporation of Bangladesh". en.banglapedia.org. Retrieved 30 October 2014.
  3. ↑ Star Business Report, The Daily Star (4 July 2014). "A new ordinance for ICB on way". The Daily Star. Transcom Media. Retrieved 30 October 2014.
  4. ↑ UNB Report, UNB News (1 September 2014). "Investment Corporation of Bangladesh Bill tabled". Retrieved 30 October 2014.