The New Nation - Internet Edition

BUSINESS REPORT

ICB Financial Group Holdings AG, the Swiss-based parent company of ICB Islamic Bank Limited, is committed to ensuring that the turnaround plans that the Bank's new management team is putting in place will be a success.

This commitment was given by Harith Harun, Chief Executive Officer of ICB Financial Group Holdings AG in a statement after the successful conclusion of the Banks' annual general meeting held at the BDR Darbar Hall, Peelkhana in Dhaka on June 30.

"We are very pleased with the support given by the local shareholders to our efforts as expressed by a number of shareholders who spoke during the meeting" Mr. Harith said.

"The support of the local shareholders as well other stakeholders of the Bank, including customers, employees, the authorities especially Bangladesh Bank, are crucial at this transition stage of the turnaround plans," he said.

Mr. Harith emphasised that the ICB Banking Group, currently operating in 12 countries in Asia, Africa and Europe, is investing in Bangladesh for the long-term. He said that ICB Banking Group wants to create a modem, efficient and profitable bank and to build it up to become one of the premier banks in the country. "Bangladesh is an important market for us and we are prepared to inject more capital to support the Bank's growth" he added.

Mr. Harith outlined the key strategic initiatives the new management has put in place as follows:

Strengthening the management team by bringing in experienced and skilled personnel" both local and expatriate, to fill the key positions.

Revamping the Bank's policies, procedures and internal control systems In accordance with international best practices.

Rebranding program to project a more modem, efficient and customer friendly image and atmosphere at the branches.

Replacing the Bank's IT system with a more robust, state-of-the-art fully integrated system not only to enhance operational efficiency but also to enable the Bank to offer a wider range of products and services to its customers.

Expanding the branch network to more locations in Dhaka and other cities and towns throughout the country.

Touching on the legacy non-performing assets of the Bank, Mr. Harith said that the Bank is aggressively pursuing all avenues to recover them.

Mr. Harith said the immediate task of the new management is to rebuild the confidence of the public particularly the Bank's longstanding customers while at the same time to bring in new businesses.

On the impressive performance of the Bank's shares on the stock market since they were relisted on June 24, Mr. Harith commented that it reflected the confidence the market has on the prospects of the Bank. "It augurs well for the future of the Bank and the investors will be well-rewarded once our efforts to turn around the Bank begin to produce the desired results," Mr. Harith said in concluding his statement.