Investment Corporation of Bangladesh (ICB) () 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 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).
The companies are: ICB Capital Management Ltd. (ICML) ICB Asset Management Company Ltd. (IAMCL) 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 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'.
Milestones CLMilestonesDate/establishment commencement1Establishment of ICB1 October 19762lnvestors' Scheme13 June 19773ICB Chittagong Branch1 April 19804First ICB Mutual Fund25 April 19805ICB Unit Fund10 April 19816ICB Rajshahi Branch9 February 19847Second ICB Mutual Fund17 June 19848Third ICB Mutual Fund19 May 19859ICB Khulna Branch10 September 198510ICB Sylhet Branch15 December 198511Fourth ICB Mutual Fund6 June 198612Fifth ICB Mutual Fund8 June 198713Sixth ICB Mutual Fund16 May 198814ICB Barisal Branch31 May 198815ICB as the country's Nodal DFI in SADF7 May 199216Seventh ICB Mutual Fund30 June 199517Eighth ICB Mutual Fund23 July 199618ICB Bogra Branch6 October 199619ICB Local Office, Dhaka15 April 199720Purchase of own Land with Building (Rajarbag)11 December 199721Participation in Equity of SARF16 January 199822Advance Against ICB Unit Certificates Scheme12 October 199823Lease Financing Scheme22 April 199924"The Investment Corporation of Bangladesh (Amendment)Act, 2000"6 July 200025Registration of the three Subsidiary Companies with the Registrar of Joint Stock Companies and Firms5 December 200026ICB Capital Management Ltd.1 July 200227ICB Asset Management Company Ltd.1 July 200228ICB Securities Trading Company Ltd.13 August 200229Registration as a Trustee with SEC20 August 200230Registration as a Custodian with SEC20 August 200231Bank Guarantee Scheme21 June 200332Advance Against ICB Mutual Fund/ICB AMCL Unit certificates scheme21 June 200333Consumers Credit Scheme15 February 200434Venture Capital Financing Scheme26 April 200735Purchase of Land(Agargaon)3 March 200836Commencement of management of Equity and Entrepreneurship Fund (EEF)1 June 200937Launching of Tk. 50 Billion Bangladesh Fund5 May 201138Finalization ICB's Building Design12 April 201239New Centre for In-House Training28 June 201340The Investment Corporation of Bangladesh-2014, Act Passed on parliamentJuly 2014
See also Bangladesh Bank List of banks in Bangladesh Dhaka Stock Exchange Chittagong Stock Exchange Bangladesh Securities and Exchange Commission
References