What is the govt. shareholding in Basic Bank Ltd.?

BASIC Bank PLC.  (Bangladesh Small Industries and Commerce Bank PLC.) was incorporated under the erstwhile Companies Act, 1913 on August 02, 1988. It started commercial operations on January 21, 1989. The Bank is a scheduled commercial Bank which is governed by the Banking Companies Act 1991. The Bank was established as the then 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 Bank started as a joint venture institution of the then BCC Foundation with 70% ownership and the Government of Bangladesh (GoB) with the remaining 30% ownership. The then BCC Foundation became defunct following the closure of the Bank of Credit and Commerce International (Overseas) Limited in 1991 (hereinafter referred to as BCCI). As the BCCI was closed globally in 1991, the Government of Bangladesh protecting the interest of depositors took over full ownership of the Bank through Gazette Notification dated June 04, 1992. Since then the Bank has been a 100% State Owned Commercial Bank.

BASIC Bank PLC. 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 the small and medium industries sector.