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.
||Tk. 5000.00 million
|Paid up capital
||Tk. 2357.59 million
|Total Reserve and Surplus up to 31.12.2011
||Tk. 3124.17 million
The Bank is required to transfer 20 percent of its net profit before Tax to Capital Fund as per the Banking Companies Act 1991.
Financing establishment of small units of industries and business and facilitate their growth
Small Balance Sheet size composed of quality assets.