Midland Bank PLC and Akij Renewable Energy & Automobiles Ltd signed a memorandum of understanding in Dhaka on 23 September to expand financing for electric vehicles, offering preferential auto loans, vehicle discounts and faster processing to eligible customers.
Midland Bank Deputy Managing Director Md Zahid Hossain and Akij Renewable Energy & Automobiles Ltd Chief Executive Officer Sayed Joynul Abedin signed the agreement on behalf of their respective organisations, the bank said in a press release. The one-year partnership will combine financing, digital application tools and customer awareness initiatives to make EV purchases easier.
Under the agreement, customers buying electric vehicles directly from Akij Renewable Energy & Automobiles Ltd, or AREAL, will have access to preferential auto financing from Midland Bank.
The benefits include special interest rates and reduced loan processing fees, subject to the bank’s applicable policies and regulatory requirements.
AREAL will also offer special discounts on purchases of brand-new or reconditioned vehicles to eligible Midland Bank credit, debit and prepaid cardholders, Priority Clients and employees across its outlets.
The partnership will introduce a fast-track financing mechanism for EV buyers, with Midland Bank aiming to complete end-to-end loan processing within three working days after customers submit complete documentation.
Applications from customers referred by AREAL will receive priority processing, while a dedicated relationship manager will coordinate the financing process.
The collaboration will also introduce digital services, including financing pre-screening and QR-based application facilities at product galleries.
The two companies will jointly conduct promotional and customer awareness programmes focused on EV ownership, including financing affordability, cost savings, environmental advantages and charging infrastructure.
The memorandum will remain valid for one year from the date of execution.
Midland Bank officials attending the signing included Mohd Javed Tarek Khan, SEVP and Head of Institutional Banking Division; Mohammed Rashadul Anwar, VP, Coordinator of Retail Distribution and Head of Public Relations Division; Shahed Mahmood Reza, VP and Head of Unit-04, Institutional Banking Division; and Mohammad Asif Hossain, FAVP and Relationship Manager, Unit-04, Institutional Banking Division.
Representatives from Akij Venture Group included Amit Saha, AGM, Finance & Accounts, Akij Food & Beverage Ltd; Raquibul Ahsan, Senior Manager, Brand, Akij Renewable Energy & Automobiles Ltd; Tashfeen Ahmad, Assistant Manager, Brand, Akij Renewable Energy & Automobiles Ltd; and Md Yousuf Sazid, Assistant Manager, Operations, Akij Bicycle & Engineering Ltd.
