IFIC Bank gets new DMDs

Fariduddin Al Mahmud and Shah Md Moinuddin have recently been promoted to Deputy Managing Directors (DMD) of IFIC Bank Limited with effect from April 1, 2015.

Prior to their new position, both of them were Senior Executive Vice Presidents (SEVPs) of the Bank.

Farid started his Banking Career in IFIC Bank Ltd. in the year 1984 as a Probationary Officer. He completed his Master of Commerce in Marketing from Dhaka University. He has diverse experience in banking including trade finance, credit administration, corporate banking and Internal Control & Compliance (ICC).

He attended trainings, seminars, workshop in different countries in Asia.

Moinuddin joined IFIC Bank Limited in 1986 as a Probationary Officer. He completed his Master of Commerce in Accounting from Dhaka University.

He also has wide experience in banking including trade finance, credit and corporate banking. He attended seminars, workshops and training programs in different countries in Asia and Europe. (source: press release)

IFIC Bank Disburses Loans to Women Entrepreneurs

IFIC Bank disbursed loans to a group of women entrepreneurs during the “Banker-Women Entrepreneurs Meet and Loan Disbursement Program-2015” held Friday at Cox’s Bazar.

As Chief Guest of the program, Governor of Bangladesh Bank Atiur Rahman handed over the cheque to the women entrepreneurs.

The program was attended, among others, by Deputy Managing Director & CFO of IFIC Bank SM Abdul Hamid and EVP & Head of SME Division TIM Rawshan Zadeed.

Earlier IFIC Bank also disbursed TK 3.5 million to women entrepreneurs in different parts of the country. (source: press release)

Bangladesh: BSEC rejects IFIC Bank’s time extension plea on rights offer

Dhaka, June 27 (New Age): The Bangladesh Securities and Exchange Commission has rejected the time extension application of IFIC Bank for submitting rights offer documents to the commission after getting shareholders’ approval, a Dhaka Stock Exchange web post said on Thursday.

As per the rule 7(1) of the Securities and Exchange Commission (Rights Issue) Rules 2006, companies have to file offer documents of rights shares to the commission within 15 working days after getting shareholders’ approval in a general meeting.

The BSEC rejected IFIC Bank’s application as it has failed to comply with the rule.

A BSEC senior official told New Age on Thursday, ‘As the commission denied to extend time for filing offer

documents of rights shares, there is no chance for the bank to file the documents this time and get approval from the commission to the rights offer as well.’

‘The rights offer of IFIC Bank may be considered in the next time if the company files offer documents to the commission within 15 working days after getting shareholders’ approval in general meeting and comply with other rules related in this regard,’ he said.

The board of directors of the bank on April 27 decided to issue one rights share against its existing one share at an issue price of Tk 20 including premium of Tk 10 each share to meet the future capital requirement of the bank.

The board at the meeting also decided to hold annual general meeting on June 1 in this regard.

The paid-up capital of IFIC Bank is Tk 437.70 crore with earning per share and net asset value of Tk 3.60 and Tk 24.29 respectively.

The shares of the company traded at Tk 23.7 on Thursday.