IFIC BANK Limited history

In 1983, the bank set up a joint venture bank in Maldives known as ‘Bank of Maldives Limited’ (BML) at the request of the Government of the Republic of Maldives.

At the very beginning the 60 percent share are owned by private entrepreneur and 40 percent are owned by Govt. at the end of 1984 the authorized capital was 10 core and the paid up capital was 7crore 15 lacs Taka only.

Oman International Exchange LLC (OIE), a joint venture between IFIC Bank Limited and Oman nationals, was established in 1985 to facilitate remittance by Bangladeshi wage earners in Oman.

1987- Set up its first overseas branch in Pakistan at Karachi.

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 nepalBangladesh Finance and leasing Co.

The Bank was subsequently renamed as NIB Bank Ltd. Therefore, the existence of our above overseas branches has ceased on 2nd October 2003 and a new joint venture bank entitled NDLC – IFIC Bank Ltd. emerged in Pakistan on 3rd October 2003.

2005-Acquired MISYS solution for real time on-line banking application.

2008-Observing 25th Anniversary of Customer Satisfaction.

Setting up of a new Bank in Pakistan, NDLC-IFIC Bank Limited (Subsequently renamed as NIB Bank Limited and which was again merged with MCB Bank Limited in 2017) and the Overseas Branches of IFIC and a local leasing company, NDLC were amalgamated with and into it.