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
cottage industries sector.
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