Southeast Bank, Pragati Life Insurance strike MoU on payroll banking services

Southeast Bank recently signed a memorandum of understanding (MoU) with Pragati Life Insurance Limited to provide banking services, including payroll banking, collection, and payment services.

Nuruddin Md Sadeque Hossain, managing director of the bank, and Md Jalalul Azim, managing director and CEO of the life insurer, penned the MoU at the bank's head office in Dhaka, according to a press release.

Under this agreement, the insurer's employees and executives will get their salaries and other benefits through the bank's payroll banking services.

The insurer will be able to collect premiums through the bank's wide range of delivery channels and make insurance claim payments and fund transfers through the corporate payment module (CPM) system.

Abidur Rahman Chowdhury, deputy managing director of the bank, and other senior officials from both organisations were also present.