City Bank gets BB nod to sell insurance products

City Bank has received approval from Bangladesh Bank to start bancassurance business with Guardian Life Insurance Ltd.

This is the first approval of its kind received by any bank in the country, the bank said in a press release.

This approval will allow City Bank to market and sell insurance products from its branches and other channels soon after receiving the licence from the Insurance Development and Regulatory Authority.

Mohammad Shahriar Siddiqui, director of the banking regulation and policy department (BRPD) of the central bank, has handed over the approval document to Sheikh Mohammad Maroof, additional managing director and chief business officer of City Bank, at the BB headquarters in Motijheel today.

Among others, Mohammad Ashfaqur Rahman, additional director of the BRPD of the BB, and Subir Kumar Kundu, chief bancassurance officer of City Bank, along with other high officials from both the organisations were present.