BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited) registered under the Companies Act 1913 on the 2nd of August, 1988, started its operations from the 21st of January ,1989. It is governed by the Banking Companies Act 1991. The Bank was established as the policy makers of the country felt the urgency for a bank in the private sector for financing small scale Industries (SSIs). At the outset, the Bank started as a joint venture enterprise of the BCC Foundation with 70 percent shares and the Government of Bangladesh (GOB) with the remaining 30 percent shares. The BCC Foundation being nonfunctional following the closure of the BCCI, the Government of Bangladesh took over 100 percent ownership of the bank on 4th June 1992. Thus the Bank is state-owned. However, the Bank is not nationalized; it operates like a private bank as before.
BASIC Bank Limited is unique in its objectives. It is a blend of development and commercial banks. The Memorandum and Articles of Association of the Bank stipulate that 50 percent of loanable funds shall be invested in small and medium industries sector.
Financing establishment of small units of industries and business and facilitate their growth
Small Balance Sheet size composed of quality assets.
- Steady and sustainable growth.
- Investment in a cautious way.
- Adoption of new banking technology.
- To employ funds for profitable purposes in various fields with special emphasis on small scale industries.
- To undertake project promotion on identify profitable areas of investment.
- To search for newer avenues for investment and develop new products to suit such needs.
- To establish linkage with other institutions which are engaged in financing micro enterprises.
- To cooperate and collaborate with institutions entrusted with the responsibility of promoting and aiding SSI sector.
© Copyright. BASIC Bank Limited 2010 - 2019. All rights reserved.