IFIC Bank PLC has signed a memorandum of understanding (MoU) with the Investment Corporation of Bangladesh (ICB) to provide payroll banking services for ICB's employees.

Md Nazimul Hoque, chief manager of principal branch at the bank, and Md Anwar Shamim, general manager of ICB, signed the MoU at the latter's head office in the BDBL Bhaban on Rajuk Avenue in Dhaka today, according to a press release.

Under the terms of the agreement, ICB employees will open salary accounts with IFIC Bank and gain access to dedicated payroll banking facilities and services.

In their welcome addresses, Syed Mansur Mustafa, managing director of the bank, and Niranjan Chandra Debnath, managing director of ICB, underscored the significance of this partnership, highlighting the enduring four-decade relationship between the two organisations.

They described the MoU as a strategic advancement, ushering in a new phase of business development and investment collaboration.

Md Rafiqul Islam, deputy managing director and head of branch business at the bank; and Helal Ahmed, head of operations; and Nurul Huda, deputy managing director of ICB, along with senior officials from both organisations, were also present.