Basic Bank Ltd (Bangladesh Small Industries and Commerce Bank Limited) started its operations in Bangladesh from the 21st of January 1989. 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 Basic Bank Ltd 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 Basic Bank Ltd is state-owned. However, the Bank is not nationalized; it operates like a private bank as before.
Basic Bank Ltd 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.
Basic Bank Ltd Banking Functions
- 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.
Basic Bank Ltd Head Office Address
Sena Kalyan Bhaban (5th Floor)
195 Motijheel C/A, Dhaka-1000
Tel: 880-2-9568190, 9564830, 7175691, 7175692, 9556616
Tel (ICT Division): 9562960, 9555087
Fax: 88-02-9564829, 7115612, 7124911, 7125653
Branch Code: 01