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EBL first to launch life, non-life insurance in banking sector

Published : Wednesday, 6 March, 2024 at 12:00 AM  Count : 360
Business Desk
Eastern Bank PLC (EBL), leading private sector financial institution has formally launched both life and non-life insurance products in the banking sector of Bangladesh.

The launching ceremony held at EBL head office in the city on Monday, was attended by Mohammad Jainul Bari, Chairman, Insurance Development and Regulatory Authority (IDRA) as the chief guest; Nurun Nahar, Deputy Governor, Bangladesh Bank and Dr. Nahid Hossain, Joint Secretary, Ministry of Finance as the special guests, says a press release.

Mohammad Shahriar Siddiqui, Director, Banking Policy and Regulation Department (BRPD), Bangladesh Bank was also present
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 opined.

Ahmed Shaheen, Additional Managing Director; M Khorshed Anowar, Deputy Managing Director and Head of Retail and SME banking; Ziaul Karim, Head of Communications and External Affairs; Riad Mahmud Chowdhury, DMD and Head of Corporate Banking;  Mahiuddin Ahmed, DMD and Head of Operations; Mahmoodun Nabi Chowdhury, Head of ICC and CAMLCO ; Masudul Hoque Sardar, Chief Financial Officer ; Zahidul Haque, Chief Technology Officer; Md. Khairul Hassan, Senior Manager, Bancassurance and Student Banking from EBL along with senior officials from Bangladesh Bank, IDRA, MetLife and Green Delta Insurance Company were present among others.


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