EBL gets bancassurance licence

Eastern Bank (EBL) obtained the licence from the Insurance Development and Regulatory Authority (IDRA) to start bancassurance business with MetLife and Green Delta Insurance Company Ltd, according to a statement.

EBL is the first bank in Bangladesh to get a bancassurance licence for both life and non-life categories.

Bancassurance is a partnership between a bank and an insurance company where a bank sells insurance products through its distribution channels.

It is a new scope for EBL to diversify its income stream by earning commission-based income without any additional risk, capital or liquidity.