Midland Bank signs Bancassurance agreement with Pragati Insurance Limited

Midland Bank PLC signed a Bancassurance agreement with the leading insurance company in Bangladesh, Pragati Insurance Limited.

This strategic move expands Midland Bank's suite of financial products and services, offering customers greater convenience and access to comprehensive insurance solutions, reads a press release.

Through this partnership, the bank's extensive network of service outlets will now offer a broader range of insurance products from Pragati Insurance Ltd.

This enhanced product portfolio caters to the diverse needs of Midland Bank's growing customer base, allowing them to secure their financial well-being and protect their assets.

Md Ahsan-uz Zaman, managing director and CEO of Midland Bank PLC and Syed Sehab Ullah Al-Manjur, managing director and CEO of Pragati Insurance Limited, signed the agreement on behalf of their respective organisations.

The Chief Bancassurance Officer (CBO) of Midland Bank PLC, Md Rashed Akter, Bancassurance Manager, Khondoker Imran Hossain, Md Rezaul Karim, Advisor, Major Sadat Md Musa, psc (retd), Asst MD and Head of Admin & HR, Md Mamunul Hassan, ACII(UK), Asst MD and Head of BCD, Md Manjur Hussain, EVP and Head of Bancassurance and other top officials of Pragati Insurance Limited were present at the event.

This move by Midland Bank PLC signifies a growing trend in Bangladesh's financial landscape, where banks are increasingly partnering with insurance companies to offer Bancassurance products.

This collaboration benefits both institutions by allowing banks to leverage their customer base and distribution channels, while insurance companies gain access to a wider market.