IT Consultants to invest in City Credit Bureau
The decision was made at a board meeting held on Thursday (9 October), the company said.
IT Consultants PLC has announced plans to invest as an equity partner in City Credit Bureau PLC, a proposed subsidiary of City Bank PLC, marking its entry into the country's emerging private credit reporting sector.
The company said in a disclosure that it will invest up to 10% of the paid-up capital of City Credit Bureau, with its Managing Director and CEO, Kazi Saifuddin Munir, nominated and authorised to oversee all operational activities related to the investment on behalf of IT Consultants.
The decision was made at a board meeting held on Thursday (9 October), the company said.
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City Bank recently received a Letter of Intent (LoI) from Bangladesh Bank to establish the bureau following the central bank's landmark move to approve private-sector credit bureaus for the first time. The initiative is expected to reshape Bangladesh's credit information ecosystem by enhancing transparency and credit access.
City Bank's board approved the formation of City Credit Bureau at its meeting on 25 September. While the details of the subsidiary's paid-up capital and its financial impact were not disclosed, the initiative is seen as part of the bank's broader strategy to diversify operations and strengthen its financial services portfolio.
In early September, Bangladesh Bank granted LoIs to five private-sector entities to establish the country's first credit reporting agencies. These include City Credit (sponsored by City Bank), UK-backed Creditinfobd, US-backed TransUnion, US-Saudi joint venture First National Credit, and bKash Credit sponsored by bKash.
Each selected firm has one year to build its infrastructure and apply for a final licence. Once operational, these credit bureaus will collect and analyse data from banks, non-bank financial institutions, and other service providers to generate detailed credit reports and scores for individuals and businesses.
Currently, Bangladesh depends solely on the central bank's Credit Information Bureau (CIB), which only tracks existing borrowers. In contrast, the new private bureaus will use advanced technologies such as artificial intelligence and machine learning to create more comprehensive credit profiles.
