ContentsDefinition of 'Corporate Governance'2Principles3Codes and guidelines4Mechanisms and controls4Internal corporate governance controls4External corporate governance controls5Financial reporting and the independent auditor6Systemic problems6Definition of Disclosure7Examples7IFIC Profile8Bank's Mission8Bank's Vision9Management Structure9IFIC Bank Ltd. Guidelines on Prevention of Money Laundering9INSTITUTIONAL POLICY11SENIOR MANAGEMENT COMMITMENT11THE STANDARDS12INTERNAL CONTROLS13CUSTOMER ACCEPTANCE POLICY15IDENTIFICATION AND VERIFICATION OF CUSTOMERS ACCOUNT15RECOVERY POLICY OBJECTIVES15Financial Highlights16Dutch-Bangla Bank22MISSION STATEMENT23Qualitative Disclosures24Financial Highlights26Eastern Insurance Co. Ltd.31Historical Background:31Objective :31The Management:31Business Operation:32Re-Insurance Arrangement:32Business Diversification:32Credit Rating:32Vision33Mission33Business Ethics33Financial Highlights34References:35

Definition of 'Corporate Governance'The system of rules, practices and processes by which a company is directed and controlled. Corporate governance essentially involves balancing the interests of the many stakeholders in a company - these include its shareholders, management, customers, suppliers, financiers, government and the community. Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure.PrinciplesContemporary discussions of corporate governance tend to refer to principles raised in three documents released since 1990: TheCadbury Report(UK, 1992), the Principles of Corporate Governance (OECD, 1998 and 2004), theSarbanes-Oxley Actof 2002 (US, 2002). The Cadbury andOrganization for Economic Co-operation and Development(OECD) reports present general principles around which businesses are expected to operate to assure proper governance. The Sarbanes-Oxley Act, informally referred to as Sarbox or Sox, is an attempt by the federal government in the United States to legislate several of the principles recommended in the Cadbury and OECD reports. Rights and equitable treatment of shareholders: Organizations should respect the rights of shareholders and help shareholders to exercise those rights. They can help shareholders exercise their rights by openly and effectively communicating information and by encouraging shareholders to participate in general meetings. Interests of other stakeholders:Organizations should recognize that they have legal, contractual, social, and market driven obligations to non-shareholder stakeholders, including employees, investors, creditors, suppliers, local communities, customers, and policy makers. Role and responsibilities of the board:The board needs sufficient relevant skills and understanding to review and challenge management performance. It also needs adequate size and appropriate levels of independence and commitment. Integrity and ethical behavior:Integrity should be a fundamental requirement in choosing corporate officers and board members. Organizations should develop a code of conduct for their directors and executives that promotes ethical and responsible decision making. Disclosure and transparency:Organizations should clarify and make publicly known the roles and responsibilities of board and management to provide stakeholders with a level of accountability. They should also implement procedures to independently verify and safeguard the integrity of the company's financial reporting. Disclosure of material matters concerning the organization should be timely and balanced to ensure that all investors have access to clear, factual information.Codes and guidelinesCorporate governance principles and codes have been developed in different countries and issued from stock exchanges, corporations, institutional investors, or associations (institutes) of directors and managers with the support of governments and international organizations. As a rule, compliance with these governance recommendations is not mandated by law, although the codes linked to stock exchangelisting requirementsmay have a coercive effect.

Mechanisms and controlsCorporate governance mechanisms and controls are designed to reduce the inefficiencies that arise frommoral hazardandadverse selection. There are both internal monitoring systems and external monitoring systems.Internal monitoring can be done, for example, by one (or a few) large shareholder(s) in the case of privately held companies or a firm belonging to abusiness group. Furthermore, the various board mechanisms provide for internal monitoring. External monitoring of managers' behavior occurs when an independent third party (e.g. theexternal auditor) attests the accuracy of information provided by management to investors. Stock analysts and debt holders may also conduct such external monitoring. An ideal monitoring and control system should regulate both motivation and ability, while providing incentivetoward corporate goals and objectives. Care should be taken that incentives are not so strong that some individuals are tempted to cross lines of ethical behavior, for example by manipulating revenue and profit figures to drive the share price of the company up. Internal corporate governance controlsInternal corporate governance controls monitor activities and then take corrective action to accomplish organizational goals. Examples include: Monitoring by the board of directors: The board of directors, with its legal authority to hire, fire and compensate top management, safeguards invested capital. Regular board meetings allow potential problems to be identified, discussed and avoided. Whilst non-executive directors are thought to be more independent, they may not always result in more effective corporate governance and may not increase performance.[58]Different board structures are optimal for different firms. Moreover, the ability of the board to monitor the firm's executives is a function of its access to information. Executive directors possess superior knowledge of the decision-making process and therefore evaluate top management on the basis of the quality of its decisions that lead to financial performance outcomes,ex ante. It could be argued, therefore, that executive directors look beyond the financial criteria.[citation needed] Internal control procedures and internal auditors: Internal control procedures are policies implemented by an entity's board of directors, audit committee, management, and other personnel to provide reasonable assurance of the entity achieving its objectives related to reliable financial reporting, operating efficiency, and compliance with laws and regulations. Internal auditors are personnel within an organization who test the design and implementation of the entity's internal control procedures and the reliability of its financial reporting. Balance of power: The simplest balance of power is very common; require that the President be a different person from the Treasurer. This application of separation of power is further developed in companies where separate divisions check and balance each other's actions. One group may propose company-wide administrative changes, another group review and can veto the changes, and a third group check that the interests of people (customers, shareholders, employees) outside the three groups are being met.[citation needed] Remuneration: Performance-based remuneration is designed to relate some proportion of salary to individual performance. It may be in the form of cash or non-cash payments such assharesandshare options,superannuationor other benefits. Such incentive schemes, however, are reactive in the sense that they provide no mechanism for preventing mistakes or opportunistic behavior, and can elicit myopic behavior.[citation needed] Monitoring by large shareholdersand/ormonitoring by banks and other large creditors: Given their large investment in the firm, these stakeholders have the incentives, combined with the right degree of control and power, to monitor the management.[59]In publicly traded U.S. corporations, boards of directors are largelychosenby the President/CEO and the President/CEO often takes the Chair of the Board position for him/herself (which makes it much more difficult for the institutional owners to "fire" him/her). The practice of the CEO also being the Chair of the Board is fairly common in large American corporations.[60]While this practice is common in the U.S., it is relatively rare elsewhere. In the U.K., successive codes of best practice have recommended against duality.[External corporate governance controlsExternal corporate governance controls encompass the controls external stakeholders exercise over the organization. Examples include: competition debt covenants demand for and assessment of performance information (especiallyfinancial statements) government regulations managerial labour market media pressure takeovers

Financial reporting and the independent auditorThe board of directors has primary responsibility for the corporation's internal and externalfinancial reportingfunctions. TheChief Executive OfficerandChief Financial Officerare crucial participants and boards usually have a high degree of reliance on them for the integrity and supply of accounting information. They oversee the internal accounting systems, and are dependent on the corporation'saccountantsandinternal auditors.Current accounting rules underInternational Accounting Standardsand U.S.GAAPallow managers some choice in determining the methods of measurement and criteria for recognition of various financial reporting elements. The potential exercise of this choice to improve apparent performance increases theinformation riskfor users. Financial reporting fraud, including non-disclosure and deliberate falsification of values also contributes to users' information risk. To reduce this risk and to enhance the perceived integrity of financial reports, corporation financial reports must be audited by an independentexternal auditorwho issues a report that accompanies the financial statements.One area of concern is whether the auditing firm acts as both the independent auditor and management consultant to the firm they are auditing. This may result in a conflict of interest which places the integrity of financial reports in doubt due to client pressure to appease management. The power of the corporate client to initiate and terminate management consulting services and, more fundamentally, to select and dismiss accounting firms contradicts the concept of an independent auditor. Changes enacted in the United States in the form of theSarbanes-Oxley Act(following numerous corporate scandals, culminating with theEnron scandal) prohibit accounting firms from providing both auditing and management consulting services. Similar provisions are in place under clause 49 of Standard Listing Agreement in India.

Systemic problems Demand for information: In order to influence the directors, the shareholders must combine with others to form a voting group which can pose a real threat of carrying resolutions or appointing directors at a general meeting. Monitoring costs: A barrier to shareholders using good information is the cost of processing it, especially to a small shareholder. The traditional answer to this problem is theefficient-market hypothesis(in finance, the efficient market hypothesis (EMH) asserts that financial markets are efficient), which suggests that the small shareholder will free ride on the judgments of larger professional investors. Supply of accounting information: Financial accounts form a crucial link in enabling providers of finance to monitor directors. Imperfections in the financial reporting process will cause imperfections in the effectiveness of corporate governance. This should, ideally, be corrected by the working of the external auditing process.

Definition of DisclosureThe act of releasing all relevant information pertaining to a company that may influence an investment decision in order to be listed on major U.S. stock exchanges, companies must follow all of the Securities and Exchange Commission's disclosure requirements and regulations.

To make investing as fair as possible for everyone, companies must disclose both good and bad information. In the past, selective disclosure was a serious problem for investors because insiders would frequently take advantage of information for their own gain - at the expense of the general investing-public.

Companies are not the only entities that are subject to strict disclosure regulations. By law, brokerage firms and analysts must also disclose any sort of information that they have that relates to investment decisions. For example, in order to limit conflict of interest issues, analysts must disclose any equities that they own.

Full disclosure principle is relevant tomateriality concept. It requires that all material information has to be disclosed in the financial statements either on the face of thefinancial statementsor in the notes to the financial statements.Examples1. Accounting policies need to be disclosed because they help understand the basis of accounting.2. Details of contingent liabilities, contingent assets, legal proceedings, etc. are also relevant to the decision making of users and hence need to be disclosed.3. Significant events occurring after the date of the financial statements but before the issue of financial statements (i.e. events after the balance sheet date) need to be disclosed.4. Details ofproperty, plant and equipmentcannot be presented on the face of thebalance sheet, but a detailed schedule outlining movement in cost and accumulated depreciation should be presented in the notes.5. Tax rate is expected to change in near future. This information needs to be disclosed.6. The draft for a new legislation is presented in the legislative of the country in which the company operates. If passed, the law would subject the company to significant cleanup costs. The company has to disclose the information in the notes.7. Thecompanysold one of its subsidiaries to the spouse of one of its directors. The information is material and needs disclosure.

Banking: Statutorystatementof complete information about aconsumerorhome mortgageloan. It isrequiredto contain certain items of information such as actualinterest rate, its computation, itemized total of allchargesandfees, and minimum monthlypayment.Insurance: Statutory revelation by theapplicant(in the application for aninsurance policy) of all known information about theriskto be covered.

IFIC ProfileInternational Finance Investment and Commerce Bank Limited (IFIC Bank) is banking company incorporated in the Peoples Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions aboard. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full fledged commercial bank. The Government of the Peoples Republic of Bangladesh now holds 32.75% of the share capital of the Bank. Directors and Sponsors having vast experience in the field of trade and commerce own 11.31% of the share capital and the rest is held by the general public.Bank's MissionOur Mission is to provide service to our clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make our position unique in giving quality service to all institutions and individuals that we care for.We are committed to the welfare and economic prosperity of the people and the community, for we derive from them our inspiration and drive for onward progress to prosperity.We want to be the leader among banks in Bangladesh and make our indelible mark as an active partner in regional banking operating beyond the national boundary.In an intensely competitive and complex financial and business environment, we particularly focus on growth and profitability of all concerned.Bank's VisionAt IFIC, we want to be the preferred financial service provider through innovative, sustainable and inclusive growth and deliver the best in class value to all stakeholders.Management StructureThe nine members of the Board of Directors are responsible for the strategic planning and overall policy guidelines of the Bank. Further, there is an Executive Committee of the Board to dispose of urgent business proposals. Besides, there is an Audit and Risk Management Committee in the Board to oversee compliance of major regulatory and operational issues. The Managing Director & CEO, Deputy Managing Directors and Head of Divisions are responsible for achieving business goals and overseeing the day to day operation. The Managing Director & CEO is assisted by a Senior Management Group consisting of Deputy Managing Directors and Head of Divisions who supervise operation of various Divisions centrally and co-ordinates operation of branches. Key issues are managed by a Management Committee headed by the Managing Director & CEO. This facilitates rapid decisions. There is an Asset Liability and Risk Management Committee comprising member of the Senior Executives headed by the Managing Director & CEO to look into all operational functions and Risk Management of the Bank.IFIC Bank Ltd. Guidelines on Prevention of Money Laundering

A. Providing False Information to Banks / Financial Institutions:

1. No person shall provide false information knowing in any manner regarding the source of Fund or self-identity or the identity of an account holder or the beneficiary or nominee of an Account

2. Any person who violates the provision of sub-section (1) shall be punished with imprisonment. For a term not exceeding 3 (three) years or a fine not exceeding taka 50 (fifty) thousand or with both.

Investigation, Prosecution etc.: Under this Act, I. notwithstanding anything contained in any other law, the offence under this Act shall be considered as the scheduled offences under the Anti-Corruption Commission Act, 2004(Act No. V of 2004) and shall be investigated by the Anti-Corruption Commission or any officer of the Commission empowered by it in this behalf or any officer of any other investigation agency authorized by the Anti-Corruption Commission. ii. The offence under this Act shall be tried by a special judge appointed under section 3 of the Criminal Law Amendment Act, 1958(Act No. XL of 1958) iii. For the purpose of the investigation and identification of property of an accused person, the Anti-Corruption Commission may, besides this Act also exercise the powers vested in it under the Anti-Corruption Commission Act, 2004 9Act No. V of 2004) and an officer of any other investigating agency authorized by the Anti-Corruption Commission may, besides this Act also exercise the powers vested in it under any other law. Offence committed by company, etc.:

If any offence under this Act committed by a company, every proprietor, director, manager, secretary, or other Officer or representative who is directly involved with the offence shall be deemed to be guilty of such offence: Provided that if any person as aforesaid is not able to prove that such offence has been committed without his knowledge or he has used due diligence to prevent such offence, Explanation:- In this section- (a) Company means any statutory body, partnership concern, association, commercial organization or organization formed with one or more than one person; Director means any partner or member of the Board of Directors, by whatever name it is called. Registration of any company, if found engaged in money laundering activity either directly or indirectly, shall be liable to be cancelled.

Protection against proceedings undertaken in good faith: No suit, prosecution either civil or criminal or other legal proceedings shall lie against government or any government officials or any reporting organizations if any person is affected or likely to be affected due to the proceedings done in good faith under this Act. IFIC Bank Ltd. Guidelines on Prevention of Money Laundering

Responsibility of Reporting Organizations IN Preventing Money Laundering:

(1) For the purpose of preventing and identifying money laundering reporting organizations shall - (a) Keep, during the operation of accounts, the correct and full information of identification of its clients and

(b) In case of closed account of any client, keep previous records of transactions of such account for at least five years from the date of closure. (c) Provide, from time to time, the records kept under clause (a) and (b) to Bangladesh Bank time to time on demand from Bangladesh Bank. (d) Inform proactively and immediately Bangladesh Bank, facts on suspicious / unusual / doubtful or transactions likely to be related to money laundering.

B. If any reporting organizations violate the directions mentioned in sub-section (1) Bangladesh Bank shall take the following actions: (a) Bangladesh Bank may impose a fine of not less than Taka fifty thousand and such fine may extend to Taka Twenty Five Lac upon the defaulting reporting organizations.

(b) Bangladesh Bank may cancel the registration of the company or cancel the license in addition to the fine mentioned in sub-section (a) .The Bangladesh Bank shall inform the permit or license authority of the reporting organizations regarding their failure to keep and furnish information under sub-section (1) so that the concerned authority may, in accordance with the relevant law or rule or regulation framed there under, take necessary action against the concerned reporting organizations for their failure or negligence. (3) Bangladesh Bank will collect the penalty money imposed under subsection (2) in its self determined manner and shall deposit the collected money into the government treasury.

INSTITUTIONAL POLICY

In order to protect Banks reputation and to meet its legal and regulatory obligations, it is essential that Bank should minimize the risk of being used by Money Launderers. With that end in view it will be an obligatory responsibility for all Bank Official, customers and management of the Bank to realize and combat the situation on this critical risk issue. 5.1 Establish clear lines of internal accountability, responsibility and reporting. Primary responsibility for the prevention of money laundering rests with the nature of business which must ensure that appropriate internal controls are in place and operating effectively and that bank Officials are adequately trained. The business is supported in meeting this responsibility by the Legal and Compliance function and by Bank Investigations. 5.2 Given its importance in reputational and regulatory terms, the effectiveness of the money laundering prevention regime across all businesses should form part of the governance oversight responsibilities of all branch managers. 5.3 Document, implement and maintain, procedures and controls which interpret Bank Policy and Bank Standards for each business in the context of applicable laws and regulations and corporate ethical standards. Compliance with such procedures and controls and with Bank Policy and Bank Standards will be effectively monitored. 5.4 Establish an effective Know Your Customer Policy for the Branch Manager which will contain a clear statement of managements overall expectation matching local regulations and establishing specific line of responsibilities. Detailed guideline on Know Your Customer (KYC) procedures are given at page # 14, Serial # 11 of this guidelines. 5.5 Co-operate with any lawful request for information made by government agencies during their investigations into money laundering. 5.6 Support governments, law enforcement agencies and Bangladesh Bank in their efforts to combat the use of the financial system for the laundering of the proceeds of crime or the movement of funds for criminal purposes. 5.7 Report money laundering issues to Head Office Management on a regular basis. The Branch Manager responsible to combat Money Laundering shall determine and communicate the content, format and frequency for management reporting. IFIC Bank Ltd. Guidelines on Prevention of Money Laundering

SENIOR MANAGEMENT COMMITMENT

The most important element of a successful anti-money-laundering program is the commitment of senior management, including the Chief Executive Officer and the Board of Directors, to the development and enforcement of the anti-money-laundering objectives which can deter criminals from using their facilities for money laundering, thus ensuring that they comply with their obligations under the law.

Senior management must send the signal that the corporate culture is as concerned about its reputation as it is about profits, marketing, and customer service. As part of its anti- money laundering policy the Bank will communicate clearly to all employees on an annual basis a statement from the Chief Executive Officer that clearly sets forth its policy against money laundering and any activity which facilitates money laundering or the funding of terrorist or criminal activities. Such a statement should evidence the strong commitment of the Bank and its Senior Management to comply with all laws and regulations designed to combat money laundering. The statement of compliance policy isthat all employees of the Bank are required to comply with applicable laws and regulations and corporate ethical standards. That all activities carried on by the Bank must comply with applicable governing laws and regulations. That complying with rules and regulations is the responsibility of each individual in the Bank in the normal course of their assignments. It is the responsibility of the individual to become familiar with the rules and regulations that relate to his or her assignment. Ignorance of the rules and regulations is no excuse for non-compliance.

That the statement should direct Officials to a compliance Officer or other knowledgeable individuals when there is a question regarding compliance matters. That a certification that Official will be held accountable for carrying out their compliance responsibilities.

THE STANDARDS

Scope and Implementation: The Bank will document, implement and maintain procedures and controls which interpret Bank Policy and Bank Standards for each business in the context of applicable law and regulations. Compliance with such procedures and controls and with Bank Policy and Bank Standards will be monitored effectively. These Standards are designed to help the business meet its responsibilities in relations to the prevention of money laundering. The Standards are based on Banks Policy, the Money Laundering Prevention Act, 2012 and circulars/guidelines issued by Bangladesh Bank / IFIC Bank, Head Office from time to time. They are approved by the senior management of the Bank and are subject to regular review. They cover the following three core areas of money laundering prevention: A. Internal Controls B. Reporting Suspicious Transactions C. Training and Awareness the Standards set out minimum mandatory requirements for all business as required under Banks Policy. Such requirement may be enhanced where applicable law or regulation sets a more demanding requirement for a particular aspect of money laundering prevention. If, in exceptional circumstances, a business is unable to apply a particular standard, the issue should be referred to Head Office for necessary guidance. IFIC Bank Ltd. Guidelines on Prevention of Money Laundering 10 The Standards cover all aspects of bank business activities from business relationships and the processing of transactions, through to the provision of advice to customers. Businesses must also consider the application of the Standards in relation to, for example, joint venture activities, subsidiary operations and outsourced services particularly when cross border issues are involved. Retrospective Application: The Standards apply to both new and existing business relationships. Where necessary, therefore, remedial action on customer identification and due diligence must be undertaken for existing accounts, no matter how long the relationship has been in operation. Remedial work must be done as soon as possible. Where significant numbers of accounts are involved work plans for remedial action should priorities those relationships considered to represent higher risks. The progress of remedial projects should be reported to Head Office, Senior Management.

Branch Managers Obligations: The Branch Managers shall be primarily responsible for the prevention of Money Laundering. They shall effectively reciprocate for the development, implementation, maintenance and monitoring of procedures and controls that meet the requirements of Bank Policy, Bank Standards and Rules and regulations under Money Laundering Prevention Act, 2012.

INTERNAL CONTROLS

Training and Awareness: The senior management of the Bank will raise awareness on money laundering prevention and train Banks Officials about what money laundering is the recognition of suspicious transactions, the requirement of applicable rules and regulations, Banks Policy and Standards on the prevention of money laundering, and the procedures and control in each jurisdiction.

The Need for Employees Awareness: All employees of the Bank must be aware of their own personal statutory obligations and that they can be personally liable for failure to report information in accordance with internal procedures. All employees must be trained to co-operate fully and to provide a prompt report of any suspicious transactions. It is, therefore, important that the Bank will introduce comprehensive measures to ensure that all employees and contractually appointed agents (if any) are fully aware of their responsibilities.

Education and Training Programs All employees should be educated in the process of the know your customer requirements for money laundering prevention purposes. The training in this respect should cover not only the need to know the true identity of the customer but also, where a business relationship is being established, the need to know enough about the type of business activities expected in relation to that customer at the outset to know what might constitute suspicious activity at a future date. All employees should be alert to any change in the pattern of a customers transactions or circumstances that might constitute criminal activity.

New Employees New employee of the Bank will be provided training on Prevention of Money Laundering, Combating Financing of Terrorism and Regulatory requirement in their foundation course. IFIC Bank Ltd. Guidelines on Prevention of Money Laundering 11 Refreshers Training Bank will arrange refreshers training for its employees to make them updated with Prevention of Money Laundering laws, Combating Financing of Terrorism and regulatory requirement.

In House Discussion Branch will arrange in house discussion on regular basis to update the employees of the Branch on Prevention of Money Laundering laws, Combating Financing of Terrorism, Circulars issued by Bangladesh Bank and Head Office from time to time.

Training Records In order to demonstrate that it has complied with the regulations concerning employees training, Bank will maintain records which includes:

Head Office level:

i. details of the content of the training programs provided;ii. the names of employees who have received the training; iii. the date on which the training was delivered; iv. the results of testing carried out to measure employees understanding of the money laundering requirements; and v. An on-going training plan.

Branch level:

i. Details of the content of the training programs provided.ii. The names of employees who have received the training.iii. The date on which the training was delivered; The Bank will continue to devote considerable resource to establish and maintain employees awareness of the risks of money laundering and terrorism financing, and their competence to identify and report relevant suspicions in this area. The Bank is dedicated to a continuous program of increasing awareness and training of employees at all appropriate levels in relation to their knowledge and understanding of AML issues, their respective responsibilities and the various controls and procedures introduced by the Bank to deter money laundering and financing of terrorism.

Monitoring

A Central Compliance Unit shall be setup at Head Office to ensure implementation of Prevention of Money Laundering Act as well as Bangladesh Banks directives where one Senior Executive will be posted as Convener. At bank branches, separate cell should be setup under direct control and supervision of Branch Manager for prevention of possible money laundering as per guidelines issued by Bangladesh Bank from time to time under intimation to Head Office Central Compliance Unit.

Development of Software Profile System: In order to facilitate detection of money laundering, Bank should develop Software incorporating parameters for generating KYC profile & TP. The IT Division will develop automated systems and processes for classifying customers on the basis of the risk matrix provided by Bangladesh Bank under new KYC Profile & TP for monitoring transactions with the transaction profile provided by the customers. These new systems will improve our ability to detect unusual transactions, help the authorities to identify and respond to new money laundering techniques.

Branch Managers Certifications

Each Branch Manager shall certify that he/she maintains customer profiling applying due diligence KYC. The Branch Manager will further certify that all Officers and Members of the Officials of the Branch are aware of Money Laundering Prevention Act, 2012, Bank standards of best practice, Bangladesh Bank Circulars/ Guidelines and Head Office Circulars/ Instructions issued from time to time and necessary care taken for following them meticulously. The Branch Manager will also certify that he/she and his/her members of the Officials have read and understood the Guidelines on Prevention of Money Laundering issued from Head Office and standards of best practice with Know Your Customer (KYC) procedures. IFIC Bank Ltd. Guidelines on Prevention of Money Laundering

CUSTOMER ACCEPTANCE POLICY

We have a separate Customer Acceptance Policy-2013 which was approved by the Board in its 606th Meeting held on 28.03.2013

IDENTIFICATION AND VERIFICATION OF CUSTOMERS ACCOUNT

A meaningful anti-money laundering compliance program of the Bank should include identification and verification of customers at account opening. Accordingly, the Branch must ensure to: - Verify the identity of any person seeking to open an account to the extent reasonable and practicable;

- Maintain records of the information used to verify a persons identity, including name, address and other identifying information; and

- Consult lists of known or suspected terrorists or terrorist organizations provided to the financial institution by the regulators/government agency to determine whether a person seeking to open an account appears on any such list.

The following options are recommended for a branch to consider in developing customer identification process:

RECOVERY POLICY OBJECTIVES

In case Borrower fails to come forward or shows reluctance, Bank is to take various steps to recover its assets, safeguard its possible losses and overcome crisis of the situation due to non-recovery. Bank must be guided by certain policy guidelines and should have policy objectives for recovery of loans and advances. Policy objectives for recovery of loans and advances are to:-

i. Ensure normal flow of income by taking appropriate measure so that loans are not converted to Non-Performing Loans (NPL).ii. Recover stuck-up loans and advances entirely.iii. Maximize Banks earning by converting Non-Performing Loans (NPL) to regular Loans through re-schedulement.iv. Reach to an amicable settlement duly protecting interest of the Bank.v. Take timely legal steps as per law in enforce to avoid law of limitation.vi. Extract maximum benefits from newly enacted Artha Rin Adalat Ain for recovery of Loans. vii. Adhere to Bangladesh Banks policy guidelines.

Credit Recovery

The Remedial Asset Management (RAM) should directly manage accounts which sustainedDeterioration (a Risk Relating to Sub-Standard or worse). Whenever an account is handedOver from Relationship Manager to RAM, a Handover/Downgrade Checklist (Appendix-2)Shall be completed.

The RAMs primary functions are:1. To determine account Action Plan/Recovery Strategy.2. To pursue all options to maximize recovery, including placing customers intoReceivership or liquidation as appropriate. 3. To ensure adequate and timely loan loss provisions are made based on actual andExpected losses.4. To conduct regular review of Sub-Standard or worse accounts.

Financial Highlights

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITEDConsolidated Balance SheetAs at 31 December 2014

Amount in BDT

ParticularsNote20142013 (Restated)

PROPERTY AND ASSETS

Cash10,402,677,3699,694,857,863

Cash in hand (including foreign currencies)3.a1,833,243,7472,027,983,219

Balance with Bangladesh Bank and its agent bank(s) (including foreign

currencies)3.b8,569,433,6227,666,874,644

Balance with other banks and financial institutions12,049,563,14110,028,352,857

In Bangladesh4.a11,214,966,4148,755,055,635

Outside Bangladesh4.b834,596,7271,273,297,223

Money at call and on short notice51,450,000,000-

Investments24,030,515,22821,898,326,628

Government securities6.a17,217,294,29715,893,691,348

Other investments6.b6,813,220,9316,004,635,281

Loans and advances104,419,397,66986,020,739,529

Loans, cash credits, overdrafts etc.7.a96,670,129,52079,899,715,032

Bills purchased and discounted8.a7,749,268,1496,121,024,498

Fixed assets including premises, furniture and fixtures9.a2,946,853,2542,404,374,060

Other assets10.a3,371,653,9343,632,099,174

Non-banking assets11373,474,800373,474,800

Total assets159,044,135,395134,052,224,912

LIABILITIES AND CAPITAL

Liabilities

Borrowing from other banks, financial institutions and agents12.a5,924,591,2583,840,822,447

Deposit and other accounts13.a129,863,053,202110,676,026,933

Current deposit and other accounts15,582,027,15413,568,293,800

Bills payable1,874,975,3641,573,829,454

Savings bank deposit18,366,462,68713,890,792,353

Fixed deposit94,039,587,99881,643,111,325

Other liabilities14.a11,359,482,0259,686,289,613

Total liabilities147,147,126,485124,203,138,993

Capital / Shareholders' equity

Paid up capital15.24,377,499,2803,806,521,120

Statutory reserve163,909,507,1733,374,079,154

General reserve1755,771,39755,771,397

Revaluation reserve against securities18.a1,575,53916,043,518

Revaluation reserve against fixed assets19115,314,704115,314,704

Reserve against non banking assets--

Foreign currency translation gain/(loss)21.a1,230,102(50,909)

Surplus in profit and loss account22.a3,436,103,2702,481,399,733

Attributable to equity holders11,897,001,4659,849,078,718

Non controlling interest237,4457,201

Total shareholders' equity11,897,008,9109,849,085,919

Total liabilities and shareholders' equity159,044,135,395134,052,224,912

ParticularsNote20142013 (Restated)

OFF BALANCE SHEET ITEMS

Contingent liabilities2447,824,432,74342,304,360,063

Acceptances and endorsements24.117,819,035,17513,876,907,522

Letters of guarantee24.26,644,832,5316,340,226,700

Irrevocable letters of credit24.314,473,667,23514,442,618,436

Bills for collection24.48,886,897,8027,644,607,405

Other contingent liabilities--

Other commitments--

Documents credit and short term trade -related transactions--

Forward assets purchased and forward deposit placed--

Undrawn note issuance and revolving underwriting facilities--

Undrawn formal standby facilities, credit lines and other commitments--

Total off-Balance Sheet exposures including contingent liabilities47,824,432,74342,304,360,063

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITEDConsolidated Profit and Loss AccountFor the year ended 31 December 2014Amount in BDT

ParticularsNote20142013 (Restated)

Interest income26.a11,924,197,29611,157,042,069

Interest paid on deposits, borrowings etc.27.a8,519,021,0268,555,417,964

Net Interest income3,405,176,2702,601,624,104

Investment income28.a2,378,647,1902,190,773,922

Commission, exchange and brokerage29.a1,423,651,0231,321,242,455

Other operating income30.a529,870,115510,329,508

4,332,168,3274,022,345,886

Total operating income7,737,344,5976,623,969,990

Salaries and allowances31.a2,475,625,8671,910,600,460

Rent, taxes, insurance, electricity etc.32.a683,215,801595,310,637

Legal expenses33.a7,765,3505,557,719

Postage, stamp, telecommunication etc.34.a94,375,72790,270,298

Stationery, printing, advertisement etc35.a175,827,492101,292,102

Managing Director's salary3613,660,00013,660,000

Directors' fees37.a1,364,7501,004,927

Auditors' fee38.a1,765,215900,000

Charges on loan loss39-35,777,187

Depreciation and repair of bank's assets40.a402,991,215304,576,225

Other expenses41.a669,117,684579,826,799

Total operating expenses4,525,709,1023,638,776,355

Operating profit3,211,635,4942,985,193,635

Share of profit of investment in associate & joint venture41.b492,590,611258,876,010

Profit before provision3,704,226,1053,244,069,645

Provision for loans, investments and other assets42.a

Specific provision407,783,326(145,290,413)

General provision260,000,00049,392,000

Provision for off-shore banking unit4,000,0009,600,000

Provision for off-balance sheet exposures50,000,00063,220,000

Provision for diminution in value of investments(248,438,949)235,566,751

Provision for other assets26,000,00027,672,054

Total provision499,344,377240,160,392

Profit/(Loss) before taxes3,204,881,7283,003,909,254

Provision for taxation

Current tax43.a1,301,314,7631,101,878,414

Deferred tax43.b(157,542,995)272,221,188

1,143,771,7681,374,099,602

Net profit after taxation2,061,109,9601,629,809,652

Retained earning brought forward from previous year1,910,421,5731,383,150,151

3,971,531,5343,012,959,803

Appropriations

Statutory reserve535,428,019278,016,582

General reserve--

535,428,019278,016,582

Retained surplus3,436,103,5152,734,943,221

Earnings per share (EPS)50.a4.713.72

INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITEDConsolidated Cash Flow StatementFor the year ended 31 December 2014

Amount in BDT

ParticularsNote20142013 (Restated)

A.Cash flows from operating activities

Interest received14,319,189,76512,912,892,803

Interest payments(8,740,274,155)(8,506,445,840)

Dividend received106,248,53284,956,377

Fees and commission received1,423,651,0231,321,242,455

Recoveries of loans and advances previously written-off194,316,107648,876,150

Cash payments to employees(2,509,285,867)(1,894,260,460)

Cash payments to suppliers(237,324,678)(155,073,176)

Income taxes paid(1,207,026,021)(1,031,213,745)

Receipts from other operating activities44.a588,990,468583,233,062

Payments for other operating activities45.a(1,555,292,691)(1,381,330,651)

Operating cash flows before changing in operating assets and liabilities2,383,192,4832,582,876,976

Increase/(decrease) in operating assets and liabilities

Statutory deposits--

Loans and advances to other banks--

Loans and advances to customers(17,220,713,652)(8,900,941,822)

Other assets47.a225,964,975(474,177,862)

Deposits from other banks(225,339,000)(279,194,397)

Deposits from customers19,412,365,27015,578,131,084

Trading liabilities--

Other liabilities48.a407,556,116197,553,393

2,599,833,7096,121,370,395

Net cash flows from operating activities4,983,026,1918,704,247,371

B.Cash flows from investing activities

Net proceeds/(payments) from sale/(purchase) of Government securities(1,255,048,849)(4,216,501,213)

Net proceeds/(payments) from sale/(purchase) of securities(743,310,039)(1,089,525,840)

Purchase ofproperty, plant & equipment(833,798,050)(227,827,068)

Proceeds from sale of property, plant & equipment3,253,5114,912,148

Payment against lease obligation(7,263,378)(5,140,413)

Net cash used in investing activities(2,836,166,804)(5,534,082,386)

C.

Cash flows from financing activities

Borrowing from other banks, financial institution and agents2,083,768,811640,162,802

Receipts from issue of sub-ordinated bond--

Dividend paid (cash)--

Net cash flows from financing activities2,083,768,811640,162,802

D.Net increase/(decrease) in cash (A+B+C)4,230,628,1983,810,327,786

E.Effects of exchange rate changes on cash and cash equivalents(52,101,507)(50,562,494)

F.Opening cash and cash equivalents19,729,565,72015,969,800,428

G.Closing cash and cash equivalents (D+E+F)46.a23,908,092,41119,729,565,720

Closing cash and cash equivalents

Cash in hand1,833,243,7472,027,983,219

Balance with Bangladesh Bank and its agents bank8,569,433,6227,666,874,644

Balance with other banks and financial institutions12,049,563,14110,028,352,857

Money at call and on short notice1,450,000,000-

Prize bonds5,851,9006,355,000

23,908,092,41119,729,565,720

Dutch-Bangla Bank

Dutch-Bangla Bank started operation is Bangladesh's first joint venture bank. The bank was an effort by local shareholders spearheaded by M Sahabuddin Ahmed (founder chairman) and the Dutch company FMO.From the onset, the focus of the bank has been financing high-growth manufacturing industries in Bangladesh. The rationale being that the manufacturing sector exports Bangladeshi products worldwide. Thereby financing and concentrating on this sector allows Bangladesh to achieve the desired growth. Dutch Bangla Bank other focus is Corporate Social Responsiblity (CSR). Even though CSR is now a cliche, Dutch Bangla Bank is the pioneer in this sector and termed the contribution simply as 'social responsiblity'. Due to its investment in this sector, Dutch Bangla Bank has become one of the largest donors and the largest bank donor in Bangladesh. The bank has won numerous international awards because of its unique approach as a socially conscious bank.Dutch Bangla Bank was the first bank in Bangladesh to be fully automated. The Electronic-Banking Division was established in 2002 to undertake rapid automation and bring modern banking services into this field. Full automation was completed in 2003 and hereby introduced plastic money to the Bangladeshi masses. Dutch Bangla Bank also operates the nation's largest ATM fleet and in the process drastically cut consumer costs and fees by 80%. Moreover, Dutch Bangla Bank choosing the low profitability route for this sector has surprised many critics. Dutch Bangla Bank had pursued the mass automation in Banking as a CSR activity and never intended profitability from this sector. As a result it now provides unrivaled banking technology offerings to all its customers. Because of this mindset, most local banks have joined Dutch Bangla Bank banking infrastructure instead of pursuing their own.Even with a history of hefty technological investments and an even larger donations, consumer and investor confidence has never waned. Dutch-Bangla Bank stock set the record for the highest share price in the Dhaka Stock Exchange in 2008.

MISSION STATEMENTMission Dutch-Bangla Bank engineers enterprise and creativity in business and industry with a commitment to social responsibility. "Profits alone" do not hold a central focus in the Bank's operation; because "man does not live by bread and butter alone".Vision Dutch-Bangla Bank dreams of better Bangladesh, where arts and letters, sports and athletics, music and entertainment, science and education, health and hygiene, clean and pollution free environment and above all a society based on morality and ethics make all our lives worth living. Dutch Bangla Bank's essence and ethos rest on a cosmos of creativity and the marvel-magic of a charmed life that abounds with spirit of life and adventures that contributes towards human development.Core Objectives Dutch-Bangla Bank believes in its uncompromising commitment to fulfill its customer needs and satisfaction and to become their first choice in banking. Taking cue from its pool esteemed clientele, Dutch-Bangla Bank intends to pave the way for a new era in banking that upholds and epitomizes its vaunted marquees "Your Trusted Partner"

Qualitative Disclosures

Capital Structure

In terms of Section 13 of the Bank Company Act, 1991 (Amended upto 2013) and the terms and conditions of the main features of all capital instruments have been segregated in terms of the eligibility criteria set forth vide BRPD Circular No. 35 dated 29 December 2010 and other relevant instructions given by Bangladesh Bank from time to time. The main features of the capital instruments are as follows: Tier 1 capital instruments Paid-up share capital: Issued, subscribed and fully paid up share capital of the Bank. Share premium: Amount of premium realized with the face value per share at the time of issuing shares through initial public offering. Statutory Reserve: As per Section 24 of the Bank Company Act, 1991 (Amended upto 2013), an amount equivalent to 20% of the profit before taxes for each year of the Bank has been transferred to the Statutory Reserve Fund. Dividend equalization account: As per BRPD Circular Letter No. 18 dated 20 October 2002 issued by Bangladesh Bank, Dividend Equalization Account has been created by transferring the amount from the profit that is equal to the cash dividend paid in excess of 20%. Retained earnings: Amount of profit retained with the banking company after meeting up all expenses, provisions and appropriations. Tier 2 capital instruments General provision maintained against unclassified loans and off-balance sheet exposures: As per Bangladesh Bank directive, amount of provision maintained against unclassified loans and offbalance sheet exposures as of the reporting date has been considered. Subordinated debt capital: Eligible subordinated debt within 30% of Tier 1 Capital has been considered. Assets revaluation reserves: As per Bangladesh Banks instruction, 50% of incremental value from there valuation of Banks assets has been considered. Revaluation reserves of HTM securities: As per Bangladesh Banks instruction, up to 50% of revaluation reserves of HTM securities has been considered. Revaluation reserves of HFT securities: As per Bangladesh Banks instruction, up to 50% of other reserve (revaluation reserves of HFT securities) has been considered.

Capital Adequacy

The Bank assesses the adequacy of its capital in terms of Section 13 (1) of the Bank Company Act, 1991 (Amended upto 2013) and instruction contained in BRPD Circular No. 35 dated 29 December 2010 [Guidelines on Risk Based Capital Adequacy for Banks (Revised regulatory capital framework in line with Basel II)]. However, in terms of the regulatory guidelines, the Bank computes the capital charge /requirement as under: i. Credit risk : On the basis of Standardized Approach; ii. Marker risk : On the basis of Standardized Approach; and iii. Operational risk: On the basis of Basic Indicator approach. The Bank assesses the capital requirement considering the existing size of portfolio, concentration of portfolio to different risk weight groups, asset quality, profit trend etc. on quarterly rest. The Bank also forecasts the adequacy of capital in terms of its capacity of internal capital generation, maintaining the size of the portfolio, asset quality, conducting credit rating of the borrowers, segregation of portfolio to different risk weight groups etc. As of 31 December 2013, Bank maintained total capital (Tier 1 and Tier 2) of Taka 15.4 billion against the minimum requirement of Taka 11.3 billion depicting a surplus of Taka 4.1 billion. In other term, Banks capital adequacy ratio (CAR) as of 31 December 2013 stood at 13.7% consisting of 9.5% in Tier 1 capital and 4.2% in Tier 2 capital, which is well above the regulatory requirement of minimum 10%. This surplus capital both in term of absolute amount and ratio (CAR) is considered to be adequate to absorb all the material risks which the Bank may expose in future. The standard of Banks ability to maintain the capital against the regulatory requirement always focused to entail the confidence of its investors, depositors and other stakeholders.

Credit Risk

As per relevant Bangladesh Bank guidelines, the Bank defines the past due and impaired loans and advances for strengthening the credit discipline and mitigating the credit risk of the Bank. The impaired loans and advances are defined on the basis of (i) Objective / Quantitative Criteria and (ii) Qualitative judgment. For this purposes, all loans and advances are grouped into four (4) categories namely- (a) Continuous Loan (b) Demand Loan (c) Fixed Term Loan and (d) Short-term Agricultural & Micro Credit. Definition of past due/overdue: i) Any Continuous Loan if not repaid/renewed within the fixed expiry date for repayment or after the demand by the bank will be treated as past due/overdue from the following day of the expiry date; ii) Any Demand Loan if not repaid within the fixed expiry date for repayment or after the demand by the bank will be treated as past due/overdue from the following day of the expiry date; iii) In case of any installment(s) or part of installment(s) of a Fixed Term Loan is not repaid within the fixed expiry date, the amount of unpaid installment(s) will be treated as past due/ overdue from the following day of the expiry date; iv) The Short-term Agricultural and Micro-Credit if not repaid within the fixed expiry date for repayment will be considered past due/overdue after six months of the expiry date. However, a continuous loan, demand loan or a term loan which will remain overdue for a period of 02 (two) months or more, will be put into the Special Mention Account (SMA), the prior status of becoming the loan into impaired/classified/ non-performing. Definition of impaired / classified / non-performing loans and advances are as follows: Continuous loan are classified are as follows: Substandard: If it is past due /overdue for 3 (three) months or beyond but less than 6 (six) months; Doubtful: If it is past due / overdue for 6 (six) months or beyond but less than 9 (nine) months; Bad / Loss: If is past due / overdue for 9 (nine) months or beyond Demand loan are classified are as follows: Substandard: If it remains past due / overdue for 3 (three) months or beyond but not over 6 (six) months from the date of expiry or claim by the Bank or from the date of creation of forced loan; Doubtful: If it remains past due / overdue for 6 (six) months or beyond but not over 9 (nine) months from the date of expiry or claim by the Bank or from the date of creation of forced loan; Bad / Loss: If it remains past due / overdue for 9 (nine) months or beyond from the date of expiry or claim by the Bank or from the date of creation of forced loan.

Fixed Term Loans are classified are as follows: a) In case of any installment (s) or part of installment (s) of a Fixed Term Loan amounting upto Taka 10 lacs is not repaid within the due date, the classfication is as under: Substandard : If the amount of past due installment is equal to or more than the amount of installment (s) due within 6 (six) months, the entire loan will be classified as Sub- standard; Doubtful: If the amount of past due installment is equal to or more than the amount of installment (s) due within 9 (nine) months, the entire loan will be classified as Doubtful; Bad / Loss: If the amount of past due installment is equal to or more than the amount of installment (s) due within 12 (twelve) months, the entire loan will be classified as Bad/Loss; b) In case of any installment (s) or part of installment (s) of a Fixed Term Loan amounting more than Taka 10 lacs is not repaid within the due date, the classfication is as under: Substandard : If the amount of past due installment is equal to or more than the amount of installment (s) due within 3 (three) months, the entire loan will be classified as Sub- standard; Doubtful: If the amount of past due installment is equal to or more than the amount of installment (s) due within 6 (six) months, the entire loan will be classified as Doubtful; Bad / Loss: If the amount of past due installment is equal to or more than the amount of installment (s) due within 9 (nine) months, the entire loan will be classified as Bad/Loss.

Short-term Agricultural and Micro-Credit: The Short-term Agricultural and Micro-Credit will be considered irregular if not repaid within the due date as stipulated in the loan agreement. If the said irregular status continues, the credit will be classified as Sub-standard after a period of 12 months, as Doubtful after a period of 36 months and as Bad/ Loss after a period of 60 months from the stipulated due date as per the loan agreement. The Bank follows the relevant Bangladesh Bank guideline for determination of general and specific allowances for loans and advances. Firstly, the base for provision for the unclassified and classified loans are calculated as under: a) Calculation of base for provision for unclassified /standard loans: Outstanding amount less suspended interest, if any; b) Calculation of base for provision for the classified loans, the higher of the following two amounts: i. Outstanding amount less suspended interest less value of eligible securities; or ii.15% of outstanding amount.

Financial Highlights

Eastern Insurance Co. Ltd.is one of the pioneer in general insurance business operating in the private sector of Bangladesh. The Company started its operation in the year 1986. The authorized capital of the company is Tk.100,00,00,000.00 and paid up capital is Tk.43,11,01,440.00 It is a limited Company and listed with DSE & CSE in the year 1994 and 1996 respectively. The Company has a network of 23 Branches all over the country covering all important business centers of the countryHistorical Background:After Liberation of Bangladesh in 1971 Bank and Insurance companies were nationalized along with other sectors like Jute and Textile to give a socialistic flavors to the economy of the newly emerged nation which was electoral pledge of the then ruling government. But with the changed global economic situation, Bangladesh Government decided to follow an open market economy right from the early eighties. Until 1986 both life and general insurance business were carried out in the country by two state owned Corporations JibanBima Corporation and SadharanBima Corporation respectively. The beginning of 1986 witnessed emergence of a few life and general insurance companies under Private Sector after passing of Insurance Amendment Act 1983 in 3rd Parliament of the Country.Eastern Insurance Co. Ltd. one of the first 10 Public Ltd. Companies, started operation in the year 1986 under the license of the Controller of Insurance. The Company is authorized to transact all classes of general insurance business. Since its emergence in 1986 the Company has earned wide reputation in the market for its strict adherence to business norms & ethics of insurance, personalized customer service and prompt and speedy disposal of claims. Now the name itself carries value to its customers. The experience gathered during the last 24 years of its operation and reputation earned gives a new dimension to its service rendered to its customer and it is now truly a Symbol of Comprehensive Security a slogan introduced by the Company right at the time of its birth.Objective :Eastern Insurance Co. Ltd. one of the first 10 Public Ltd. Companies, started operation in the year 1986 under the license of the Controller of Insurance. The Company is authorized to transact all classes of general insurance business. Since its emergence in 1986 the Company has earned wide reputation in the market for its strict adherence to business norms & ethics of insurance, personalized customer service and prompt and speedy disposal of claims. Now the name itself carries value to its customers. The experience gathered during the last 24 years of its operation and reputation earned gives a new dimension to its service rendered to its customer and it is now truly a Symbol of Comprehensive Security a slogan introduced by the Company right at the time of its birth.The Management:The Company has a very smart and efficient Management team to run the affairs of the Company. Members of the team have long experience and expertise in the relevant fields of insurance and enjoy reputation in the whole market of insurance.Business Operation:The Company operates its business through a net work 23 Branches all over the Country. These branches can directly underwrite all classes of business under guidance and supervision of Head Office. In addition there is a special booth at Head Office to meet any emergency requirement of any client or to take care of any special or exceptional risk coverage as may require by any client. The business operation of the branches are monitored and controlled by Head Office through Underwriting Department. While claims are directly handled by Claims Department of Head Office as a centralized process and practiced all over the world. The Company is authorized to transact all classes of Non life insurance business with un-restricted limits having a very wide range of re-insurance coverage. Currently the Company provides various risk coverage at a very competitive premium rates within the tariff provisions in force.Re-Insurance Arrangement:The Company has an extensive Re-Insurance Treaty arrangement with SBC for all classes of business. Re-Insurers provide technical assistance for assuming risks, developing rates and fixing up terms and conditions in case of non-tariff business. Our Government has permitted all Non life Insurance Companies for making reinsurance cessions with Foreign Reinsures up to their 50% portfolios. The Company is now capable to underwrite any high valued risk with the assistance of our local and overseas Re-Insurers.Business Diversification:The Company has also diversified its business with a view to ensure participation in other field of national economy besides insurance business. It has become a member of Chittagong Stock Exchange in the year 1996 and as per BSECs notification has formed a Subsidiary Company namely EIC Securities Ltd. to deal share trading related business. The Company has invested a substantial amount of its fund in land and share market. It is also a sponsor shareholder of National Housing Finance and Investment Ltd. It has a plan for a both long and short term investment in other sectors of business and industry.Credit Rating:The Company has been rated as grade-A (pronounced as single A) by the Government approved Credit Rating Agency (CRISL) based on its premium collection, core services, financial strength and expeditious settlement of claims.The sponsors of the Company represents different business sectors of the country who felt the necessity of specialized service in the risk management of their own business enterprises as well as their peers in the business community. They also felt that the nationalized insurance sector would not be able to cater the need of changing demand of open market economy. The Vision, Mission and Objective of the Company are as follows

VisionVision is to make the Company an ideal one & create value for our clients and shareholders.MissionMission is to become most caring Insurance Company with dedication, dynamism, innovation and client need based comprehensive service To maximize our service for the benefit of clients. To create confidence and trust amongst the Insured. To increase value added services. To maximize the profit of the Company. To strive for creating a healthier environment for all our stakeholders.Since its birth the Company strictly adheres to its goal and motto and earned a distinctive identity in the insurance arena of the country as an ardent follower of rules and regulations and ethics of insurance. The Company always stands by its commitment of quality service. It believes that satisfaction of the clients is the lasting asset which values above all.Business Ethics To provide quality and efficient service in every aspect of its business To be innovative in the development of new insurance product Commitment To build strong relationship with the customers To increase satisfied employee base Staff training and career development Ensure fair return for our shareholders Result oriented Team work Maintain transparency in all aspects

Financial Highlights

References:1. www.investopedia.com/terms/c/corporategovernance.asp2. www.dbbl.bd.com3. www.ific.com4. www.esterninsurance.com

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