Prime Bank gets BB nod to run bancassurance business

Prime Bank recently received a bancassurance business commencement approval from the Bangladesh Bank.

Mohammad Shahriar Siddiqui, director of the Banking Regulation and Policy Department (BRPD) of the central bank, handed over the approval letter to Nazeem A Choudhury, deputy managing director consumer banking at Prime Bank, at a function held at BB headquarters in Motijheel, the bank said in a press release.

Bancassurance is a partnership between a bank and insurance company that allows a bank to sell insurance products of insurance companies through its distribution channels.

Meanwhile, Prime Bank partnered with National Life Insurance Company Ltd and Reliance Insurance Ltd to offer a wide range of products to its customers and ensure best-in-class services.

The bank hopes to cater to the needs of insurance requirements of its customers through bancassurance in the Bangladesh market.

Among others, Mohammad Ashfaqur Rahman, additional director of BRPD of the central bank, Ashraful Alam, joint director, and Miah Mohammad Rabiul Hasan, chief bancassurance officer of Prime Bank, were also present.