Bangladesh Industrial Finance Company Limited was established on 10 August 1996.[8] It is located in Police Plaza Concord, Gulshan.[8]
Bangladesh Industrial Finance Company Limited was listed on the Dhaka Stock Exchange in 2006.[9]
In 2014, Bangladesh Industrial Finance Company Limited was declared a Z category stock on the Dhaka Stock Exchange.[9]
Bangladesh Bank appointed an observer in the board of directors of Bangladesh Industrial Finance Company Limited in 2015.[10]
From December 2012 to December 2016, defaulted loans at Bangladesh Industrial Finance Company Limited jumped from 12 percent to 90 percent.[9] In 2012 the company had 840 million loan and 2016 it was 7.8 billion taka.[9]
In November 2017, Bangladesh Industrial Finance Company Limited was on the verge of collapse.[9] Its chairman Major (retired) Abdul Mannan, who is also the chairman of Sunman Group, embezzled money from the institution.[9] The chairman was a politician of Bangladesh Nationalist Party.[10] According to Bangladesh Bank, Manan had taken 8.6 billion taka from Bangladesh Industrial Finance Company Limited.[9] Manan blamed a conspiracy by "Chittagong-based conglomerate".[10] The percentage of loans defaulted at the Bangladesh Industrial Finance Company Limited stood at 96 percent in December 2017 with the company on the verge of liquidation.[10] Proshanta Kumar Halder had also embezzled five billion taka from Bangladesh Industrial Finance Company Limited.[11]
On 9 August 2019, Anti-Corruption Commission sued the former Chairman of Bangladesh Industrial Finance Company Limited, Abdul Mannan, for embezzlement.[12]
The Bangladesh High Court appointed former justice Moyeenul Islam Chowdhury as the chairman of the board and four independent board members.[12]
Bangladesh Industrial Finance Company Limited shares on the Dhaka Stock Exchange rose sharply despite being in the negative financially in 2022.[13] It suffered its sixth year of straight loses in 2022.[14] BASIC Bank Limited defaulted on its loan from Bangladesh Industrial Finance Company Limited.[15]