City Bank pens deal with Guardian Life Insurance

City Bank PLC recently signed an agreement with Guardian Life Insurance Limited to commence their bancassurance business.

Mashrur Arefin, managing director and CEO of the bank, and Sheikh Rakibul Karim, chief executive officer of the life insurer, inked the deal at the latter's head office in Dhaka, said a press release.

Under this agreement, City Bank will offer insurance policy to its customer, issued by Guardian Life Insurance Ltd under the recently issued bancassurance guidelines by Bangladesh Bank and the Insurance Development and Regulatory Authority, subject to getting approval and a licence as a corporate agent.

Sheikh Mohammad Maroof, additional managing director and chief business officer of the bank, Mohammad Mahbubur Rahman, additional managing director and chief financial officer, Kazi Azizur Rahman, deputy managing director and chief information officer, Mesbaul Asif Siddiqui, deputy managing director and chief risk officer, Faruk Ahmed, deputy managing director and head of trade service division, Ashanur Rahman, chief economist and country business manager, and Arup Haider, head of retail banking, were present.

Among others, Mahmudur Rahman Khan, head of retail business of the life insurer, Ahmed Istiaque Mahmud, head of bancassurance, and M Saud Imran, chief operating officer, were also present.