Dhaka Bank, one of the esteemed banks of Bangladesh signed an MoU with Shanta Life Insurance PLC, a new venture under the renowned corporate house Shanta Holdings, with the aim to provide Bancassurance service through it’s distribution channel.
Sheikh Mohammad Maroof, managing director and CEO of Dhaka Bank and Nafis A Ahmed, chief executive officer of the Shanta Life Insurance, signed the MoU at the bank's head office in Dhaka recently.
AKM Shahnawaj, additional managing director, Dhaka Bank PLC, AMM Moyen Uddin, deputy managing director and COO, Dhaka Bank PLC, Md Mostaque Ahmed, deputy managing director and CEMO, Dhaka Bank PLC, Sheikh Abdul Bakir, deputy managing Director, Dhaka Bank PLC, Mosleh Saad Mahmud, Head, Liability and Cash Management Unit, Dhaka Bank PLC, M Khurshid Kaisar, DMD and chief distribution officer.
Shanta Life Insurance PLC, Majedur Rashid howdhury, CFO and company secretary, Shanta Life Insurance PLC, EVP and head of Bancassurance, Shanta Life Insurance PLC were also present in the ceremony.
Through this MOU, Dhaka bank intends to leverage its robust banking channel to provide tailored insurance policies of Shanta Life Insurance to its clients. This proposition will help to offer more financial products to the customers of the bank.
Sheikh Mohammad Maroof, managing director and CEO, Dhaka Bank said: “Bancassurance enhances financial protection by integrating banking and insurance services. Dhaka Bank’s collaboration with Shanta Life will provide customers with convenient, customized insurance solutions, promoting financial security and risk management. This partnership reflects our commitment to innovation and expanding financial inclusion across Bangladesh.”
“Bancassurance is the new horizon for the insurance sector in Bangladesh. We are hoping such an institutional arrangement will benefit the customers in the long run” said by Nafis A. Ahmed, CEO, Shanta Life Insurance.
This MoU will be a starting point to build a complete framework to deliver smooth bancassurance service to customers along with knowledge building of bank employees. Bancassurance will allow clients of the bank to purchase insurance policies through the banking channel.
The collaboration will further strengthen the partnership between the bank and the insurer, bringing more depth into this relationship, it added.
