United Commercial Bank PLC (UCB) signed a Bancassurance agreement with Janata Insurance Company Limited (JANATAINS) on Wednesday to offer insurance products to its customers.
The agreement signing ceremony was held at the bank's corporate head office in Dhaka, where officials from both corporations were present, according to a press release issued by UCB.
From United Commercial Bank PLC, Managing Director and CEO (CC) Syed Faridul Islam; Additional Managing Director and Company Secretary ATM Tahmiduzzaman; Deputy Managing Director and Head of Corporate Banking Division Alamgir Kabir; Deputy Managing Director SM Mainul Kabir; SEVP and Head of BDCU Md Sekander-E-Azam, and Chief Bancassurance Officer ATM Tajmilur Rahman, were present. On behalf of Janata Insurance Company Limited, Managing Director and Chief Executive Officer Md Abu Bakkar Siddique, Additional Managing Director Md Iqbal Rashidi and Company Secretary Md Ahsan Habib were present.
Bancassurance is a relatively new concept in Bangladesh. It refers to an arrangement between a bank and an insurance company for the bank to sell insurance products to its clients. This facility is gaining in the current context as banks like UCB aim to offer their customers more benefits and provide financial protection.
This agreement is expected to benefit both companies. Under this agreement, UCB will sell JANATAINS' non-life insurance products while both parties reach new prospective customers.
