EBL first to launch life, non-life insurance in Bangladesh banking sector
Eastern Bank PLC has formally launched both life and non-life insurance products in the banking sector of Bangladesh.
The launching ceremony held yesterday at EBL head office in the city was attended by Mohammad Jainul Bari, chairman, Insurance Development and Regulatory Authority (IDRA) as the chief guest; and Nurun Nahar, deputy governor, Bangladesh Bank and Dr Nahid Hossain, joint secretary, Ministry of Finance, as the special guests, reads a press release.
Mohammad Shahriar Siddiqui, director, Banking Policy and Regulation Department (BRPD), Bangladesh Bank was also present.
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Ala Uddin Ahmad, CEO of MetLife Insurance Company, Farzanah Chowdhury, MD of Green Delta Insurance Company, Ali Reza Iftekhar, managing director and CEO of EBL, also spoke on the occasion.
Bancassurance is a partnership between a bank and an insurance company where a bank sells insurance products through its distribution channels. It is a new scope for a bank to diversify its income stream by earning commission-based income without any additional risk, capital or liquidity.
"EBL is proud to launch both life and non-life insurance products for the first time in the banking sector of our country. The launch of bancassurance products underscores our unwavering commitment to our customers, aiming to redefine their banking experience," said Ali Reza Iftekhar.
"Both banks and insurers should undertake marketing and educational initiatives to raise awareness about this new product," he added.
