WCS Bank Asia II (IFC-39686)

Countries
  • Bangladesh
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 8, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Bank Asia Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank May 2, 2017


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Project Description

The project involves a short-term loan (Working Capital Solutions, WCS) for up to $40 million to Bank Asia Ltd. (the Bank or Bank Asia) to support the foreign currency needs of small and medium enterprises in Bangladesh.

Investment Description
  • International Finance Corporation (IFC)

Bank Asia Ltd. is headquartered in Dhaka, Bangladesh and has a countrywide presence via 110 conventional banking branches, along with 4 SME/Agro branches, 6 SME centers, 5 Islamic windows and 1 Off-Shore Banking Unit (OBU) branch, altogether having 126 outlets. The Bank will on-lend IFC money through its OBU. Apart from above, there are 1,180 Agent Banking Outlets.

Bank Asia Ltd. was incorporated on September 28, 1999 and has total assets of $3.2 billion as of December 31, 2016. According to bank documents: "The present Board Chairman of the Bank Asia Ltd., Mr. A. Rouf Chowdhury is a graduate in Business Management from the Massachusetts Institute of Technology, USA. He has experience in several industries including Automobile, Telecom, Pharmaceuticals and Petroleum. Bank Asia is publicly listed on Dhaka and Chittagong Stock Exchanges. It has a diversified shareholding with 19.0% of shares owned by the general public and 35.4% by local institutions. Around 45.3% of shares is held by the sponsors/directors and 0.3% is held by foreign investors."

 

Private Actors

The Bank was incorporated on September 28, 1999 and has total assets of $3.2 billion as of December 31, 2016. 

Contact Information

Bank Asia Limited
Md. Zia Arfin
EVP & Head of International Division
88027110042
zia.arfin@bankasia-bd.com
Rangs Tower, 68,Purana Paltan, Dhaka-1000

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/