City Bank receives BB approval for bancassurance business

City Bank on Wednesday received approval from Bangladesh Bank to start bancassurance business with Guardian Life Insurance Ltd, according to a media release.

The approval will allow City Bank to market and sell insurance products from its branches and other channels once it gets the necessary nod from Insurance Development and Regulatory Authority (IDRA).

Mohammad Shahriar Siddiqui, director, Banking Regulation and Policy Department (BRPD) of Bangladesh Bank, handed over the related documents to Sheikh Mohammad Maroof, AMD and chief business officer of City Bank.

Mohammad Ashfaqur Rahman, additional director, Banking Regulation and Policy Department (BRPD) of Bangladesh Bank,; Subir Kumar Kundu, chief bancassurance officer of City Bank; and other high officials from both organisations were also present.