StanChart to sell MetLife’s insurance products

Standard Chartered has become the first multinational bank in Bangladesh to sign a bancassurance agreement with MetLife, enabling the bank to sell MetLife's insurance solutions to its retail customers.

Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, and Ala Ahmad, chief executive officer of MetLife Bangladesh, inked the deal recently, the bank said in a press release.

This partnership will play a significant role in creating awareness about insurance and positively contribute to the overall economic progress of the country.

"Two financial institutions have shown tenacity with other financial institutions to bring bancassurance with the support of Bangladesh Bank, the Insurance Development and Regulatory Authority and finance ministry to offer a more financially protected future for clients of the banking sector," Naser said.

Besides, it will help build a stronger financial ecosystem in Bangladesh, he added.

"Through our strategic partnership with Standard Chartered Bank, we aim to provide the people with wider and more efficient access to MetLife's insurance solutions," Ahmad said.

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 to introduce credit cards and ATMs in Bangladesh to promote alternate channel banking along with internet banking solutions for retail customers along with an automated 24-hour call centre.