Md Rashed Akter, head of retail distribution and chief bancassurance officer of Midland Bank, pose for photographs while receiving a letter from Mohammad Shahriar Siddiqui, director of the Banking Regulation and Policy Department (BRPD) of the Bangladesh Bank, at the BB headquarters in the capital’s Motijheel recently. Photo: Midland Bank
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Md Rashed Akter, head of retail distribution and chief bancassurance officer of Midland Bank, pose for photographs while receiving a letter from Mohammad Shahriar Siddiqui, director of the Banking Regulation and Policy Department (BRPD) of the Bangladesh Bank, at the BB headquarters in the capital’s Motijheel recently. Photo: Midland Bank
Midland Bank PLC recently got the Bangladesh Bank’s approval to sell insurance products to its customers under a bancassurance business agreement.
Mohammad Shahriar Siddiqui, director of the 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 of Midland Bank, at the former’s headquarters in Motijheel, Dhaka, the bank said in a press release.
The bank now hopes to cater to its customers’ insurance needs through bancassurance once it receives a bancassurance licence from the Insurance Development Regulatory Authority.
Bancassurance is a partnership between a bank and an insurance company that allows the lender to sell products of the insurer through its distribution channels.
For all latest news, follow The Daily Star’s Google News channel. Among others, Shamima Sharmin, additional director of the Bangladesh Bank, Ashraful Alam, joint director of the BRPD, Syed Saquibuzzaman, manager of Islamic banking window of Midland Bank, and Khondoker Imran Hossain, bancassurance manager, were also present.
