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 Bangladesh’s emerging private credit reporting sector.
In a stock exchange disclosure, the company stated it will invest up to 10% of the bureau’s paid-up capital. Its Managing Director and CEO, Kazi Saifuddin Munir, has been authorised to oversee all related operational activities. The decision was approved at a recent board meeting.
City Bank received a Letter of Intent (LoI) from Bangladesh Bank in September to establish the credit bureau—part of the central bank’s historic move to allow private-sector credit bureaus for the first time.
City Credit Bureau is among five entities granted LoIs, including UK-backed Creditinfobd, US-backed TransUnion, US-Saudi venture First National Credit, and bKash-sponsored bKash Credit. These firms now have one year to build infrastructure and apply for a final licence.
The new credit bureaus are expected to modernize Bangladesh’s credit reporting system, which currently relies solely on the central bank’s Credit Information Bureau. Unlike the existing system, the new bureaus will use advanced technologies to generate detailed credit scores and reports for both individuals and businesses.
