1st branch of IIDFC opens in Chittagong

FE ReportbrThe first branch of the Industrial & Infrastructure Development Finance Company (IIDFC) Ltd started its operation at Agrabad in Chittagong recently.brThe branch was inaugurated by Mr. Feroz Ahmed, Secretary, Ministry of Commerce. brThe inaugural session was attended, among others, by Mr. Kazi Md. Shafiqur Rahman, Managing Director, Mutual Trust Bank Ltd and Director, IIDFC, Mr. Arif Quadri, Senior Executive Vice President, One Bank Ltd and Director, IIDFC, officials of IIDFC, representatives of banks and financial institutions and the business community of Chittagong.brIn his speech the Chief Guest, Mr. Feroz Ahmed lauded the contributions made by IIDFC in the field of industry and infrastructure through its products like lease finance, direct lending, structured finance, SME and home loan and hoped that the new branch in Chittagong will contribute further to the economic development of the region.brThe Chairman of IIDFC, Mr. Md. Matiul Islam, gave a brief overview on IIDFC mentioning that the company was promoted by 10 banks and 4 financial institutions.brAs a result, the IIDFC succeeded in building strong fundamentals within a period of only 7 years, the Chairman added.brIn his inaugural speech, the Managing Director, termed the opening of the first branch in Chittagong a milestone in the history of IIDFC and expressed his hope that this initiative on the part of IIDFC will significantly contribute to the growth of trade and commerce of the region.