Investment Corporation of Bangladesh (ICB) (Bengali: বাংলাদেশ বিনিয়োগ সংস্থা) 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 [2] and it is enlisted in Dhaka and Chittagongstock 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).[3]
In July 2014, a bill titled Investment Corporation of Bangladesh Bill, 2014 was placed by Finance MinisterAbul 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'.[4][5]
Milestones
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Milestones
Date/establishment commencement
1
Establishment of ICB
1 October 1976
2
lnvestors' Scheme
13 June 1977
3
ICB Chittagong Branch
1 April 1980
4
First ICB Mutual Fund
25 April 1980
5
ICB Unit Fund
10 April 1981
6
ICB Rajshahi Branch
9 February 1984
7
Second ICB Mutual Fund
17 June 1984
8
Third ICB Mutual Fund
19 May 1985
9
ICB Khulna Branch
10 September 1985
10
ICB Sylhet Branch
15 December 1985
11
Fourth ICB Mutual Fund
6 June 1986
12
Fifth ICB Mutual Fund
8 June 1987
13
Sixth ICB Mutual Fund
16 May 1988
14
ICB Barisal Branch
31 May 1988
15
ICB as the country's Nodal DFI in SADF
7 May 1992
16
Seventh ICB Mutual Fund
30 June 1995
17
Eighth ICB Mutual Fund
23 July 1996
18
ICB Bogra Branch
6 October 1996
19
ICB Local Office, Dhaka
15 April 1997
20
Purchase of own Land with Building (Rajarbag)
11 December 1997
21
Participation in Equity of SARF
16 January 1998
22
Advance Against ICB Unit Certificates Scheme
12 October 1998
23
Lease Financing Scheme
22 April 1999
24
"The Investment Corporation of Bangladesh (Amendment)Act, 2000"
6 July 2000
25
Registration of the three Subsidiary Companies with the Registrar of Joint Stock Companies and Firms
