Midland Bank, Akij Renewable Energy sign MoU on EV financing
Midland Bank PLC (MDB) has signed a memorandum of understanding (MoU) with Akij Renewable Energy and Automobiles Ltd (AREAL), a concern of Akij Venture Group, to facilitate electric vehicle (EV) financing. The agreement will also provide special benefits to eligible customers.
Under the agreement, customers who purchase electric vehicles directly from AREAL will have access to preferential auto financing facilities from Midland Bank, including special interest rates and reduced loan processing fees, subject to the bank's applicable policies and regulatory requirements, the press release said.
The MoU was signed in Dhaka on 23 September by Midland Bank Deputy Managing Director Md Zahid Hossain and Akij Renewable Energy and Automobiles Ltd Chief Executive Officer, Operations, Sayed Joynul Abedin on behalf of their respective organisations.
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Eligible Midland Bank credit, debit and prepaid cardholders, Priority Clients and employees will also receive special discounts from AREAL on purchases of brand-new or reconditioned vehicles across its outlets, under the relevant offer terms and conditions.
The partnership will introduce a fast-track financing mechanism for EV customers.
Midland Bank will provide dedicated support for EV financing, aiming to complete end-to-end loan processing within three working days after receiving complete documentation.
Customers referred by AREAL will receive priority processing, while a dedicated relationship manager will coordinate the financing process.
The collaboration also includes digital initiatives such as financing pre-screening and QR-based application facilities at product galleries.
Both organisations will also work together on promotional and customer-awareness initiatives focusing on EV ownership, financing affordability, cost savings, environmental benefits and charging infrastructure.
The MoU will remain valid for one year from the date of execution.
From Midland Bank, Senior Executive Vice-President and Head of Institutional Banking Division Mohd Javed Tarek Khan; Vice-President, Coordinator of Retail Distribution and Head of Public Relations Division Mohammed Rashadul Anwar; Vice-President and Head of Unit-04, Institutional Banking Division Shahed Mahmood Reza; and First Assistant Vice-President and Relationship Manager, Unit-04, Institutional Banking Division Mohammad Asif Hossain attended the signing ceremony.
From Akij Venture Group, Akij Food and Beverage Ltd Assistant General Manager, Finance and Accounts, Amit Saha; Akij Renewable Energy and Automobiles Ltd Senior Manager, Brand, Raquibul Ahsan; Assistant Manager, Brand, Tashfeen Ahmad; and Akij Bicycle and Engineering Ltd Assistant Manager, Operations, Md Yousuf Sazid were also present.
The partnership aims to expand access to EV financing, provide customers with financing and purchase benefits, and support wider adoption of electric vehicles in Bangladesh.
