ADFIAP welcomes 3 new members

revised ADFIAP News logoThe ADFIAP Board, in its 77th meeting on May 22, 2013 in Ulaanbaatar, Mongolia, has approved the application for membership of the International Investment Bank, IFCL Group and Optimum Development Bank.

International Investment Bank (IIB), was founded in 1970 and commenced its operations on January 1, 1971 .The Bank is an inter-state organization established and operating on the basis of the intergovernmental agreement on the establishment of the Bank. Member-countries of the Bank are the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. Bank membership is also open to other countries, international banking, financial and economic entities. The main business activity of the Bank is granting medium-and long-term loans on commercial terms with the aim to perform joint investment projects and programs, fund construction of national facilities and for other purposes set by the Council of the Bank. The Bank provides loans for construction, expansion, modernization, reconstruction and technical re-equipment of facilities; for research and development projects, introduction of new process technologies and for leasing operations.

IFCL Group,, is an independent management-owned advisory firm, working with various clients globally. The group was founded in Boston, U.S.A. but is now based in Manila, Philippines. IFCL Group of companies include: Industrial Finance Corporation, Ltd., Infrastructure Finance Corporation, Ltd., Institutional Development Advisory Services, Ltd., and INDEX Transaction Services, Ltd. (all incorporated in England and Wales). IFCL Group provides strategic and transactional advisory services to financial institutions and corporate clients related to industrial, infrastructure, energy, property, resources, and agricultural projects and assets as well as provide support services to financial institutions and corporate clients in operational areas.

Optimum Development Bank, Inc. was established in 1963 as Second Quezon City Development Bank. It was renamed to Capitol City Development Bank in 1970 and later on in 1983 to Capitol Development Bank, Inc., with 113 branches. In 1988, management sold the bank to Rizal Commercial Banking Corporation (RCBC), and became the RCBC Savings Bank, but retains one branch license which is now the Optimum Development Bank, Inc. After more than four (4) decades of service, Optimum Development Bank continues to foster the values and philosophies that it grew up with, and mission to reach more Filipinos by helping them invest in rewarding opportunities.

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