Midland Bank PLC has received “Bancassurance Business Commencement Approval” from Bangladesh Bank.
Mohammad Shahriar Siddiqui, Director of Banking Regulation and Policy Department (BRPD) of the Central Bank, handed over the approval letter to Md Rashed Akter, Head of Retail Distribution and Chief Bancassurance Officer (CBO) of Midland Bank, at a function held at BB headquarters in Motijheel on Thursday, said a press release.
Bancassurance is a partnership between a bank and an insurance company that allows a bank to sell insurance products of insurance companies through its distribution channels.
Midland Bank hopes to cater to the needs of insurance requirements of its customers through Bancassurance in the Bangladesh market, upon partnering with insurance companies, once it receives Bancassurance license from Insurance Development Regulatory Authority (IDRA).
Among others, Ms. Shamima Sharmin, Additional Director, Mr. Ashraful Alam, Joint Director of BRPD of the Central Bank and Syed Saquibuzzaman, Manager of Islami Banking Window, Khondoker Imran Hossain, Bancassurance Manager of Midland Bank, were also present.