Corporate Profile

BASIC Bank PLC.  (Bangladesh Small Industries and Commerce Bank PLC.) was incorporated under the erstwhile Companies Act, 1913 on August 02, 1988. It started commercial operations on January 21, 1989. The Bank is a scheduled commercial Bank which is governed by the Banking Companies Act 1991. The Bank was established as the then 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 institution of the then BCC Foundation with 70% ownership and the Government of Bangladesh (GoB) with the remaining 30% ownership. The then BCC Foundation became defunct following the closure of the Bank of Credit and Commerce International (Overseas) Limited in 1991 (hereinafter referred to as BCCI). As the BCCI was closed globally in 1991, the Government of Bangladesh protecting the interest of depositors took over full ownership of the Bank through Gazette Notification dated June 04, 1992. Since then the Bank has been a 100% State Owned Commercial Bank.

BASIC Bank PLC. 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 the small and medium industries sector.

FUNCTIONS

The Bank Offers:

• Term loans to industries especially to small-scale enterprises.
• Full-fledged commercial banking service including collection of deposit, short term trade finance, working capital finance in processing and manufacturing units and financing and facilitating international trade.
• Technical support to Small Scale Industries (SSls) in order to enable them to run their enterprises successfully.
• Micro credit to the urban poor through linkage with Non- Government Organizations (NGOs) with a view to facilitating their access to the formal financial market for the mobilization of resources.

In order to perform the above tasks, BASIC Bank works closely with its clients, the regulatory authorities, the shareholders (GOB), banks and other financial institutions.

Corporate Strategy

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.