“The agreement reflects our determination and commitment to protecting the depositors from any risk. It would safeguard the deposits of the Padma Bank clients.”
Life Insurance Corporation (LIC) of Bangladesh has signed an agreement with Padma Bank Limited to provide insurance coverage to its "3 Year Super-Fast Deposit Scheme" depositors.
Under the agreement, the clients of LIC Bangladesh who are availing the "3 Year Super-Fast Deposit Scheme" will get a maximum Tk5,00,000 as insurance coverage on the initial deposit from LIC, Bangladesh.
Managing director and CEO of Padma Bank Mohammad Ehsan Khasru and managing director and CEO of LIC Bangladesh Arup Dasgupta signed the agreement on behalf of their respective companies at Padma Bank Limited's Gulshan head office.
"The agreement reflects our determination and commitment to protecting the depositors from any risk. It would safeguard the deposits of the Padma Bank clients," said Ehsan Khasru.
"LIC is one of the world's largest companies and its insurance coverage to our "3 Year Super-Fast Deposit Scheme" means a lot to our clients and depositors, along with Padma's growing stature as a fourth-generation bank," he added.
He further said the bank would launch an array of new deposit products for its clients soon, which will be insured by some of the top insurance companies.
Md Shahadat Hossain, DMD and chief operating officer, Sabirul Islam Choudhury, SEVP and head of recovery division, and senior officials of both companies were present on the occasion.
Indian insurance giant LIC entered Bangladesh market in 2016 as a joint venture company. In India, it is one of the largest insurance companies with a global presence in 15 countries serving 360 million customers with insurance facility.