Eastern Bank Limited (Eastern Bank Limited) and Shanta Life Insurance (Shanta Life Insurance) have jointly introduced bancassurance products and services, enabling banking customers to access life insurance solutions directly through conventional banking channels. The initiative was formally inaugurated on Thursday at EBL’s head office in Dhaka, marking a significant step towards integrating banking and insurance services within a single customer-focused framework.
According to a statement issued by the bank, the partnership represents an important milestone in Bangladesh’s evolving financial services landscape. It is expected to enhance financial inclusion by making life insurance more accessible, particularly for customers who may not previously have engaged directly with insurance providers. By embedding insurance offerings within everyday banking interactions, the collaboration aims to simplify long-term financial planning and strengthen customer financial security.
The bancassurance model is designed to provide a seamless experience where customers can purchase, manage, and benefit from life insurance products through EBL’s established banking network. Industry stakeholders believe this integration will not only widen insurance penetration but also contribute to building a more resilient financial ecosystem in the country.
The partnership combines EBL’s advanced banking infrastructure and extensive customer reach with Shanta Life Insurance’s expertise in life insurance products and risk management. Together, the two institutions aim to create tailored financial protection solutions for individuals and families, supporting both savings and long-term financial stability goals.
Key Officials Present at the Launch
| Name | Organisation | Designation |
|---|---|---|
| Arif Khan | Shanta Life Insurance | Director |
| M Anisul Haque | Shanta Life Insurance | Director |
| Nafis Akhtar Ahmed | Shanta Life Insurance | Chief Executive Officer |
| Khurshid Kaiser | Shanta Life Insurance | Deputy Managing Director |
| Ali Reza Iftekhar | EBL | Managing Director |
| M Khorshed Anowar | EBL | Deputy Managing Director |
| Jahidul Haque | EBL | Chief Information & Technology Officer |
| Sharmin Atik | EBL | Head of Liability & Wealth Management |
Senior executives from both organisations also attended the inauguration ceremony, underscoring the strategic importance of the collaboration.
Officials emphasised that bancassurance is increasingly becoming a global best practice, allowing financial institutions to offer diversified services under one roof. In the local context, the initiative is expected to strengthen trust in formal financial systems while encouraging wider adoption of insurance products among retail banking customers.
By aligning digital banking capabilities with insurance expertise, the partnership is set to enhance customer convenience, reduce administrative complexity, and promote more comprehensive financial planning across different income groups in Bangladesh.