Bangladesh Bank and the Financial Institution Division will jointly float bancassurance in the country. Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the banks’ clients.
Abdullah Harun Pasha, additional secretary of the Financial Institution Division, chaired a meeting which was held by the Financial Institution Division of the Finance Ministry, Bangladesh Bank and the Insurance Development and Regulatory (IDRA).
Speakers at the meeting agreed that the partnership arrangement between the banks and insurers can be profitable for both parties.
Source: Business Insider