The history of Reliance Finance Limited (REFL) dates back to 1996 when the company was registered in 1996 as Bahrain Bangladesh Finance and Investment Company Ltd. The company was established as a joint venture between few renowned investors from Bangladesh and Bahrain. However, in 2000, the Mascot Finance Company Ltd. (MFC) of Sultanate of Muscat along with some other investors acquired the majority shares of the company and the company was renamed as Oman Bangladesh Leasing & Finance Ltd. Again, in 2003, the overseas investors from Mascot sold all of their holdings to local investors and since then it became a local company.
In March 2009, the renowned S. Alam Group from Chittagong purchased all the shares of the company except a minority holding by National Life Insurance Company Ltd. and made major strategic change in management, Capital base and operational philosophy of the company. The new shareholders brought strategic changes by bringing renowned professionals like economist, Chartered Accountants, etc. in the Board of Directors of the company. A new Chief Executive with substantial experience in the industry also joined the company.
Since the changes in shareholding a well as management the business focus of the company has also changed. The company has diversified its financial products as well as area of operation. While corporate finance team will continue to provide its excellent services to the big corporate houses in the country and will hold the longest pie of investment, the SME and Housing finance are the new focused area. Business ethics, economic contribution to the overall development of the economy through employment generation, and social issues always gets preference in investment decisions.
REFL is a Member of Dhaka and Chittagong Stock Exchange Ltd. and provides security brokerage services through DSE and CSE.