IFIC Bank

What IFIC Bank does

IFIC Bank PLC is Bangladesh's largest commercial bank by physical distribution, operating 1,414+ branches and Uposhakhas (sub-branches) with a workforce of over 6,000 employees. Founded in 1976 as a joint venture between the Government of Bangladesh and private sector sponsors, the bank transitioned from a finance company to a full-service bank in 1983 and is publicly listed on Bangladesh's stock exchanges under the legal name IFIC Bank PLC. Headquartered at IFIC Tower, 61 Purana Paltan, Dhaka, it serves retail, SME, agricultural, corporate, women, and Islamic banking segments through subsidiaries IFIC Securities Limited and IFIC Investment Limited.

The bank's product platform is anchored by the IFIC Aamar Account (a hybrid deposit-overdraft transactional account) and extends across savings/current accounts, fixed deposits, secured and unsecured loans, home loans, auto loans, education loans, dual-purpose IFIC Aamar Cards, and VISA-branded debit and credit cards. Digital channels comprise the IFIC Aamar Bank mobile app, internet banking, the visual IVR (IFIC VIVR), digital account opening, IFIC Aamar Trade, IFIC Corporate Banking, and SMS banking. Distribution combines the physical branch and Uposhakha network (including 1,224 Uposhakhas under the Neighborhood Banking Project and 150+ ATM booths), payroll banking MoUs (e.g., Investment Corporation of Bangladesh), remittance partnerships (Western Union), and a dense partnership ecosystem with corporates across healthcare, retail, electronics, aviation, and telecommunications.

Revenue is generated primarily through interest income on deposits and lending activities, supplemented by transaction and service fees (ATM, cards, remittances), card services, trade finance (letters of credit, guarantees, foreign exchange), and digital banking subscription income. The bank follows a tiered deposit pricing model (IFIC Amar Account rates ranging from 0% to 6% across deposit tiers) and monetizes its scale via cross-sell of card benefits, EMI facilities, payroll banking, and Islamic banking products launched in 2024. Following the August 2024 political transition in Bangladesh, the board was reconstituted in September 2024 and Bangladesh Bank appointed an observer in March 2026, signaling ongoing governance reform concurrent with the 2024 financial reset.

Name

IFIC Bank

Legal name

IFIC Bank PLC

Website

https://ificbank.com.bd

Company type

Public

Founded year

1976

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IFIC Bank PLC is Bangladesh's largest commercial bank by branch network, operating 1,414+ branches and Uposhakhas to serve retail, SME, corporate, women, and Islamic banking customers through deposits, loans, cards, digital banking, and trade finance.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic Corporate Banking (FSABAGAC), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF)

Keywords

• Retail banking services
• Commercial banking
• Islamic banking
• Corporate banking
• Sme financing

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: Traditional banking revenue from interest rate spreads between deposits and lending activities
2. Transaction and Service Fees: Fees from ATM transactions, card services, remittance services, and account maintenance
3. Digital Banking Services: Revenue from digital banking platforms including mobile app, internet banking, and SMS banking services
4. Card Services: Revenue from credit cards, debit cards, and associated merchant services
5. Trade Finance: Income from trade finance operations including letters of credit, guarantees, and foreign exchange services

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

IFIC Bank PLC is Bangladesh's largest commercial bank by branch network, operating 1,414+ branches and Uposhakhas. It offers a comprehensive suite of deposit products (savings, current, fixed deposits, schemes), loan products (personal, home, auto, education), credit and debit cards, trade finance, SME and agricultural financing, Islamic banking, women's banking, and digital banking services via mobile app and internet banking.

Product overview

IFIC Bank PLC is Bangladesh's largest commercial bank operating as a unified platform-plus-modules architecture with 1,400+ branches and Uposhakhas. The product portfolio centers on the IFIC Aamar Account ecosystem (combining deposit and overdraft in single account), supported by diversified offerings including savings/current accounts (IFIC Savings, Current, Shohoj, Freelancer, Student accounts), term deposits (IFIC FDR, Monthly Income Scheme, Double Return Deposit Scheme, Pension Savings Scheme, Nano DPS), loans (IFIC Aamar Rin secured/unsecured, IFIC Aamar Bari home loans, IFIC Global Scholar education loans, IFIC Auto Loan, IFIC Easy Loan), and cards (IFIC Aamar Card dual-purpose, VISA debit/credit cards). Digital channels include IFIC Aamar Bank App & iBanking, IFIC VIVR visual IVR, IFIC Aamar Trade, IFIC Corporate Banking, and IFIC Digital Account Opening. Specialized divisions encompass IFIC Islamic (Shariah-compliant banking), IFIC Women Banking, IFIC Offshore Banking, and business services (Trade Finance, CMSME, Agriculture Credit, Sustainable Finance). Subsidiaries include IFIC Securities Limited and IFIC Investment Limited. The bank also provides IFIC Aamar Protibeshi through 1,224 Uposhakha sub-branches for neighborhood banking coverage.

Differentiator

Problem solved

Functional benefit

Brands

• IFIC Islamic: Shariah-compliant full range of Islamic banking services launched in July 2024
• IFIC Aamar Account
• IFIC Aamar Bhobishawt
• IFIC Aamar Card
• IFIC Aamar Bank App
• IFIC Women Banking

Products and services

• IFIC Aamar Account A unique transactional account combining deposit and overdraft facilities in a single account for individual customers.
• IFIC Savings Account Standard savings account with interest earnings and secure deposit facilities for individual customers.
• IFIC Shohoj Account Basic savings account designed for easy access with minimal documentation requirements.
• IFIC Student's Savings Account Specialized savings account designed for students with age-appropriate features and benefits.
• IFIC Freelancer Account Account designed for freelance professionals receiving international payments with gig economy worker features.
• IFIC Current Account Business current account for companies and organizations to manage day-to-day banking transactions.
• IFIC RFCD Account Resident Foreign Currency Deposit account for managing foreign currency holdings.
• IFIC NFCD Account Non-Resident Foreign Currency Deposit account for NRBs to maintain foreign currency deposits.
• IFIC FDR (Fixed Deposit Receipt) Fixed Deposit Receipt offering guaranteed returns with fixed tenures and competitive rates.
• Monthly Income Scheme (MIS) Term deposit scheme providing attractive monthly returns on investment with guaranteed income.
• Double Return Deposit Scheme (DRDS) Deposit scheme where investments double over a specified period with guaranteed returns.
• IFIC Aamar Bhobishawt Flagship savings scheme offering comprehensive saving schemes with flexible contribution options.
• Pension Savings Scheme (PSS) Long-term savings scheme designed to build retirement corpus with regular contributions.
• IFIC Nano DPS Micro Deposit Product for small savers to start saving with minimal initial deposits.
• IFIC Aamar Rin (Secured & Unsecured Loans) Secured and unsecured personal loans including Flexi Loan, Auto Loan, IFIC Easy Loan, salary loans, and overdraft facilities.
• IFIC Aamar Bari (Home Loan) Home loan product for purchasing, constructing, or renovating homes with competitive interest rates.
• IFIC Global Scholar Education loan product designed to support students pursuing higher education domestically or internationally.
• IFIC Auto Loan Vehicle financing product for purchasing new or used automobiles with competitive rates.
• IFIC Aamar Card Dual-purpose card combining credit and debit functionality for purchases, cash withdrawals, and digital payments.
• VISA International Debit Card Debit card enabling international transactions and ATM withdrawals worldwide through the VISA network.
• VISA Gold Credit Card Premium credit card with enhanced benefits, higher limits, and gold-tier privileges.
• VISA Platinum Credit Card High-end credit card offering platinum-tier benefits, premium services, and exclusive privileges.
• IFIC Aamar Pay Digital payment solution for cashless transactions through mobile devices at participating merchants.
• IFIC Women Banking Specialized banking division for women offering products including IFIC One Stop Service, IFIC Aamar Subornogram, IFIC Aamar Card, Remittance Service, HerPower, and IFIC Shomriddhi.
• IFIC Islamic Banking Shariah-compliant Islamic banking division offering deposit products, investment products, and Islamic banking windows operated under Shariah Supervisory Committee guidelines.
• IFIC Offshore Banking Offshore banking services for non-resident Bangladeshis and foreign entities, providing international banking facilities.
• Trade Finance Import and export financing services including letters of credit, guarantees, and trade-related facilities for businesses.
• CMSME (Cottage, Micro, Small & Medium Enterprise) Banking Comprehensive CMSME banking services including IFIC Aamar Subornogram and IFIC Shohoj Rin for small and medium enterprises.
• Agriculture Credit Banking products designed for the agricultural sector including crop loans and farm investment financing.
• Sustainable Finance & Green Banking Environmental sustainability-focused banking products including green finance, eco-friendly investments, and Green Earth initiative.
• Treasury Business Treasury operations and services for corporate clients including foreign exchange and money market activities.
• Corporate Business Banking Corporate banking services including Working Capital Finance, Industrial & Project Finance, Lease Finance, and Syndication & Structured Finance.
• IFIC Securities Limited Wholly-owned subsidiary providing securities brokerage and investment services for capital market participants.
• IFIC Investment Limited Wholly-owned investment banking subsidiary offering capital market investments and advisory services.
• Locker Services Safe deposit boxes for securing valuables and important documents at bank branches.
• Remittance Services International money transfer services including Western Union partnerships for receiving and sending remittances.

Quantifiable outcome

• Established 1,224 Uposhakhas under Neighborhood Banking Project providing banking access to underserved areas
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

20 partnerships are on record, tiered core and minor.

• Transcom Electronics LimitedcoreGTM or Marketing Partner · 24 June 2026IFIC Bank PLC and Transcom Electronics Limited signed a Memorandum of Understanding for business collaboration and partnership initiatives.
• Best Western Plus Bay HillscoreGTM or Marketing Partner · 18 June 2026IFIC Bank signed MoU with the international hotel chain for exclusive benefits and services for bank customers.
• Butterfly Marketing LimitedcoreGTM or Marketing Partner · 17 June 2026MoU to expand EMI facilities for customers - one of the leading electronics and home appliance marketing companies.
• Labaid GroupcoreGTM or Marketing Partner · 20 May 2026MoU for enhanced healthcare facilities for Bank's customers and employees - one of the country's leading healthcare service providers.
• US-Bangla AirlinescoreGTM or Marketing Partner · 18 May 2026Agreement for banking services with the airline company.
• Bakhrabad Gas Distribution Company LimitedminorGTM or Marketing Partner · 11 May 2026Agreement aimed at strengthening mutual cooperation between the two organizations.
• Akij ResourcecoreGTM or Marketing Partner · 3 May 2026Cash management agreement with one of the leading business entities in Bangladesh.
• Western UnioncoreGTM or Marketing Partner · 6 April 2026Joint Ramadan campaign with raffle draw for customers receiving remittances through Western Union.
• SwisscontactcoreStrategic or Co-development Partner · 22 January 2026Partnership for a proposed project aimed at elevating international standards of Bangladesh's export-oriented vegetable sector and strengthening safe food export capabilities.
• Shopping Bag SupermarketminorGTM or Marketing Partner · 29 December 2025MoU to offer exclusive benefits for customers at one of the premier retail destinations in Chattogram.
• Japan Bangladesh Friendship HospitalminorGTM or Marketing Partner · 19 November 2025MoU to provide exclusive healthcare benefits to customers, employees, and their family members.
• Pizza HutminorGTM or Marketing Partner · 24 September 2025MoU providing Pizza Hut coupons as complimentary gift for new IFIC Bank cardholders.
• National Pension Authority (NPA)coreGTM or Marketing Partner · 28 July 2025MoU to serve as key platform for monthly premium payments of Universal Pension Scheme through the bank's countrywide network.
• Kolosindur Football AcademyminorGTM or Marketing Partner · 18 June 2025MoU under 'Future of Tomorrow: Powered by IFIC' initiative to empower young female footballers from Dhobaura, Mymensingh.
• EW Villa MedicaminorGTM or Marketing Partner · 4 May 2025Strategic partnership to bring exclusive privileges to Aamar Cardholders - global leader in regenerative and stem cell-based medical therapies.
• Investment Corporation of Bangladesh (ICB)coreGTM or Marketing Partner · 29 April 2025Payroll banking agreement to provide payroll banking services for ICB employees.
• Farazy HospitalminorGTM or Marketing Partner · 16 April 2025MoU to provide special healthcare benefits for customers and employees at the renowned healthcare provider.
• Shakti FoundationcoreStrategic or Co-development Partner · 12 December 2024Joint initiative 'Project Her Power' for women's health awareness campaign.
• BASECAMP Adventures LimitedminorGTM or Marketing Partner · 29 May 2024Strategic partnership for outdoor activities to enhance employee engagement.
• Swisscontact (Char Areas)coreStrategic or Co-development Partner · 8 May 2024Collaboration to uplift entrepreneurs from char areas in northern Bangladesh under Making Markets Work (M4C) project.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• BRAC Bank: One of Bangladesh's largest private-sector banks offering retail, corporate, SME, and digital banking. Highly comparable to IFIC in product breadth, branch-led distribution, and target customer segments (retail, SME, corporate).
• Dutch-Bangla Bank: Major Bangladeshi commercial bank with strong retail, SME, and agent banking focus. Comparable to IFIC in domestic market orientation, branch + Uposhakha-style sub-branch distribution, and digital banking investment (Nexus Pay).
• Eastern Bank Limited (EBL): Leading private-sector commercial bank in Bangladesh with retail, corporate, and treasury services plus a brokerage subsidiary. Comparable to IFIC in product diversification, corporate banking strength, and public listing on Bangladesh exchanges.
• Islami Bank Bangladesh: Bangladesh's largest Shariah-compliant bank. Comparable to IFIC's Islamic banking segment in product offerings (deposits, investment, trade finance) and target market, and a key competitor IFIC Islamic must scale against.
• Mutual Trust Bank: Mid-tier Bangladeshi private commercial bank with retail, corporate, and SME banking plus Islamic banking windows. Comparable to IFIC in scale, product mix, and dual conventional/Islamic offering.
• National Bank of Bangladesh: Large state-affiliated commercial bank also under Bangladesh Bank observer oversight post-2024 political transition. Highly comparable to IFIC in government-linked ownership, regulatory scrutiny, and traditional branch-based retail/corporate banking model.
• Pubali Bank: One of Bangladesh's largest private-sector commercial banks with extensive branch network and full retail, corporate, and trade finance offerings. Comparable in scale, distribution philosophy, and customer base.
• Al-Arafah Islami Bank: Bangladesh Shariah-compliant commercial bank. Comparable to IFIC's newly launched IFIC Islamic in product set (deposit, investment, trade) and target faith-driven retail and corporate segment.
• City Bank (Bangladesh): Private-sector commercial bank in Bangladesh with retail, corporate, SME, and NRB banking. Comparable to IFIC in customer segment breadth, public listing, and digital banking push (Citytouch, City Pay).

Broad incumbents

• Sonali Bank: Bangladesh's largest state-owned commercial bank and the dominant incumbent. Comparable in full-service commercial banking scope and government ownership heritage, though materially larger in scale than IFIC.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ificbankplc
• YouTubeyoutube.com/channel/UCTN1WfrZnJLdeSL95C3gXSg
• Facebookfacebook.com/IFICBankPLC

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IFIC Bank