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Standard Chartered to offer bancassurance products

Standard Chartered to offer bancassurance products

Standard Chartered Bank has become the first multinational bank to sign bancassurance agreement with MetLife. This agreement will enable the Bank to sell MetLife issued insurance solutions to its retail customers.

This partnership of these two organizations with rich history in Bangladesh, will play a significant role in creating awareness about insurance and positively contribute to the overall economic progress of the country. Bangladesh Bank and Insurance Development and Regulatory Authority (IDRA) have recently published Bancassurance guidelines, enabling banks to act as corporate agents of insurance providers.

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “Standard Chartered is delighted to partner with Metlife to offer our clients convenient and comprehensive financial services, enabling them to plan and safeguard their future. Two of the most trusted and oldest financial institutions have shown tenacity with other Financial Institutions to bring Bancassurance with the support of Bangladesh Bank, IDRA and Ministry of Finance, to offer a more financially protected future for the clients of banking sector while creating enablers for building stronger financial ecosystem in Bangladesh.”

Ala Ahmad, Chief Executive Officer, MetLife Bangladesh said, “At MetLife, our commitment to innovation and responsible business practices drives our wholehearted support for initiatives like Bancassurance. Through our strategic partnership with Standard Chartered Bank, we aim to provide the people of Bangladesh with wider and more efficient access to MetLife’s world-class insurance solutions. By integrating our services with a leading banking institution, we are pioneering an innovative approach to financial security. This initiative reflects our long-term dedication to responsibly meeting the evolving needs of our customers and strengthening their trust in the insurance sector of the country.”

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh and Ala Ahmad, Chief Executive Officer, MetLife Bangladesh, signed the agreement on behalf of their respective organizations.

This new offering adds another “first” to the Bank’s legacy of pioneering innovations that have led the transformation of Bangladesh’s retail banking industry. Standard Chartered was the first Bank in the country to introduce Credit Cards. The bank was also the first to launch ATMs in Bangladesh to promote alternate channel banking along with internet banking solutions for the retail customers. Continuing the pioneering streak, the Bank was the first to introduce an automated 24-hour call centre. Standard Chartered is the leading multinational universal Bank in Bangladesh, offering a full range of financial services to cater to its clients’ needs.

– Press release