City Bank PLC and Akij Renewable Energy & Automobiles Ltd (AREAL) have entered into a partnership to offer preferential financing for electric vehicle (EV) buyers, with a fast-track loan process targeting completion within three working days.
The memorandum of understanding (MoU) was signed on 27 September, with City Bank’s Head of Asset, Retail Banking Division, K M Nafizul Hoq handing over the agreement to AREAL Chief Executive Officer Sayed Joynul Abedin at a ceremony at the ARRA Showroom in Tejgaon, Dhaka, the companies said in a press release on 30 September.
Under the arrangement, customers purchasing electric vehicles directly from AREAL, a subsidiary of Akij Venture Group, will have access to preferential auto financing facilities from City Bank.
AREAL will also offer special discounts on brand-new vehicles to eligible City Bank customers and employees across its outlets.
The partnership introduces a fast-track financing mechanism, with City Bank aiming to complete end-to-end loan processing within three working days of receiving all required documents.
Customers referred by AREAL will receive priority processing, while a dedicated relationship manager will coordinate their financing applications.
The two companies will also undertake joint promotional and customer awareness initiatives focusing on EV ownership, financing affordability, cost savings, environmental benefits and charging infrastructure.
Representatives from Akij Venture Group attending the ceremony included Amit Saha, assistant general manager of finance and accounts at Akij Food & Beverage Ltd; Raquibul Ahsan, senior manager of brand at AREAL; Tashfeen Ahmad, assistant manager of brand at AREAL; and Md Yousuf Sazid, assistant manager of operations at Akij Bicycle & Engineering Ltd.
City Bank officials present included Sharmin Sultana Rakhi, head of auto loan, Retail Banking Division; Al-Amin Kabir Sajib, associate manager of auto loan product; and Parvez Hossen, assistant officer of auto loan product.
