Mutual Trust Bank launches bancassurance service
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Mutual Trust Bank (MTB) recently launched its bancassurance service, marking a significant milestone in the banking and insurance sector in Bangladesh.
Customers will be able to access the bancassurance services at the bank's selected branches from July 2, 2024.
Syed Mahbubur Rahman, managing director and CEO of the bank, inaugurated the service at a ceremony held at the bank's corporate head office in Dhaka, according to a press release.
"We are thrilled to introduce bancassurance to our valued customers," Rahman said.
"This initiative will not only enhance our service offerings but also contribute to the broader economic development of Bangladesh by promoting financial security and risk management."
Bancassurance is a collaborative arrangement between banks and insurance companies, allowing banks to offer insurance products through their distribution channels.
With recent approval from the Bangladesh Bank, MTB joins a select group of banks authorised to provide such services.
The bank partnered with leading life and non-life insurance companies such as Guardian Life Insurance, Pragati Life Insurance, and Green Delta Insurance Company to offer a comprehensive range of insurance products to its customers.
MTB's entry into the bancassurance market is expected to provide customers with greater convenience and trust, as they can now purchase insurance products directly from their trusted banking partner, the press release added.
This service aims to increase insurance penetration in Bangladesh and provide financial protection and peace of mind to a wider audience.
Chowdhury Akhtar Asif, additional managing director and group chief risk officer of the bank, and Md Khalid Mahmood Khan, additional managing director and chief business officer, alongside the bank's senior management team, were also present.
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