ICB Islamic Bank starts formal operations
Monday, 19 May 2008
FE Report
The Switzerland-based ICB Islamic Bank, formerly known as Oriental Bank, has started formal operations in Bangladesh Sunday amid opening of a new branch at city's Banani area and pledging for better services to clients.
"Today's opening of the ICB Islamic Bank Banani branch and an equal emphasis on Sharia banking moving forward, will render us combat-ready to compete in this rapidly evolving globalised banking industry," Chairman of the ICB Islamic Bank Tan Sri Dr. Hadenan bin Abdul Jalil told the newsmen at a press conference Sunday.
To mark its formal operation, the ICB Islamic Bank also signed a strategic agreement with the Malaysia-based Silverlake Corporation for IT and solution provider partnership in a city hotel Sunday.
Speaking on the occasion he said: "The change of the bank's name from Oriental Bank Ltd to ICB Islamic Bank marks a significant development for the bank as it appropriately reflects the bank's focus on Sharia-compliant banking, presents a new corporate image and re-branding in tandem with the new name and business focus and new directions for moving forward."
To ensure efficiency of the ICB Islamic Bank and make it capable to compete both locally and globally various initiatives are being put in place, said the bank chairman.
Installation of a new IT system, review of the existing policies and adoption of new policies, offering of a wider range of products, opening of new and additional branches and enhancing staff capacities are among the planned initiatives, he said.
"We will continue with a five-year expansion programme that will see the setting up of 50 branches," said Dr. Hadenan bin Abdul Jalil.
He said total paid up capital of the bank has already been increased to Tk 4.02 billion, the highest in Bangladesh.
It will reach further to Tk 7.0 billion once the issuance of shares to the depositors is completed by May 31, 2008 next, he added.
Bank's Chief Executive Officer (CEO) Abdul Latif bin Yahaya said the bank would operate under full-fledged Islamic banking system to lure the potential clients and push the country towards development.
He hoped that the bank will be able to tap into the lucrative and fast-growing Islamic banking markets, which currently has a global business value of an estimated US$ 200 billion and which is expected to grow at 13-16 per cent a year over the next 8-10 years.
The bank's parent company ICB Financial Group Holdings AG currently manages and operates in 12 countries in Europe, Africa and Asia with a total branch network of 134 offices.
"Within a short span of 13 years the group has established or acquired a total of 12 commercial banks around the world adding to a rapidly expanding network that spans three continents and is poised to grow even further," said the bank's top executive.
ICB Financial Group Holdings AG is the holding company of ICB Banking Group (ICB), an international commercial banking business that was listed on the London Stock Exchange in May 2007.
From 2006, ICB's worldwide assets grew by over 35 per cent to $884 million, loans by over 40 per cent to $490 million and deposits by over 30 per cent by $647 million.
Silverlake president Mr KP Tan and the bank's top executives also spoke on the occasion where the Shariah board members were also present.
Bangladesh Bank (BB) in June 2006 dissolved Oriental Bank's board of directors after detecting massive corruption. To safeguard the interest of the depositors, the central bank took over the management and appointed a BB executive director as the bank's administrator.
In August 2007, BB floated a tender to sell the bank's majority shares. Two bidders participated in the tender and Swiss-based ICB Group won the bid offering higher price than the competitor of a domestic consortium.
Negotiation with the bid winning ICB group started in December 2007.
The Switzerland-based ICB Islamic Bank, formerly known as Oriental Bank, has started formal operations in Bangladesh Sunday amid opening of a new branch at city's Banani area and pledging for better services to clients.
"Today's opening of the ICB Islamic Bank Banani branch and an equal emphasis on Sharia banking moving forward, will render us combat-ready to compete in this rapidly evolving globalised banking industry," Chairman of the ICB Islamic Bank Tan Sri Dr. Hadenan bin Abdul Jalil told the newsmen at a press conference Sunday.
To mark its formal operation, the ICB Islamic Bank also signed a strategic agreement with the Malaysia-based Silverlake Corporation for IT and solution provider partnership in a city hotel Sunday.
Speaking on the occasion he said: "The change of the bank's name from Oriental Bank Ltd to ICB Islamic Bank marks a significant development for the bank as it appropriately reflects the bank's focus on Sharia-compliant banking, presents a new corporate image and re-branding in tandem with the new name and business focus and new directions for moving forward."
To ensure efficiency of the ICB Islamic Bank and make it capable to compete both locally and globally various initiatives are being put in place, said the bank chairman.
Installation of a new IT system, review of the existing policies and adoption of new policies, offering of a wider range of products, opening of new and additional branches and enhancing staff capacities are among the planned initiatives, he said.
"We will continue with a five-year expansion programme that will see the setting up of 50 branches," said Dr. Hadenan bin Abdul Jalil.
He said total paid up capital of the bank has already been increased to Tk 4.02 billion, the highest in Bangladesh.
It will reach further to Tk 7.0 billion once the issuance of shares to the depositors is completed by May 31, 2008 next, he added.
Bank's Chief Executive Officer (CEO) Abdul Latif bin Yahaya said the bank would operate under full-fledged Islamic banking system to lure the potential clients and push the country towards development.
He hoped that the bank will be able to tap into the lucrative and fast-growing Islamic banking markets, which currently has a global business value of an estimated US$ 200 billion and which is expected to grow at 13-16 per cent a year over the next 8-10 years.
The bank's parent company ICB Financial Group Holdings AG currently manages and operates in 12 countries in Europe, Africa and Asia with a total branch network of 134 offices.
"Within a short span of 13 years the group has established or acquired a total of 12 commercial banks around the world adding to a rapidly expanding network that spans three continents and is poised to grow even further," said the bank's top executive.
ICB Financial Group Holdings AG is the holding company of ICB Banking Group (ICB), an international commercial banking business that was listed on the London Stock Exchange in May 2007.
From 2006, ICB's worldwide assets grew by over 35 per cent to $884 million, loans by over 40 per cent to $490 million and deposits by over 30 per cent by $647 million.
Silverlake president Mr KP Tan and the bank's top executives also spoke on the occasion where the Shariah board members were also present.
Bangladesh Bank (BB) in June 2006 dissolved Oriental Bank's board of directors after detecting massive corruption. To safeguard the interest of the depositors, the central bank took over the management and appointed a BB executive director as the bank's administrator.
In August 2007, BB floated a tender to sell the bank's majority shares. Two bidders participated in the tender and Swiss-based ICB Group won the bid offering higher price than the competitor of a domestic consortium.
Negotiation with the bid winning ICB group started in December 2007.