Midland Bank signs MoU with Akij Renewable Energy to facilitate EV financing

Midland Bank PLC (MDB) has signed a memorandum of understanding (MoU) with Akij Renewable Energy & Automobiles Ltd (AREAL), the automotive and green energy unit of Akij Venture Group, to facilitate financing for electric vehicles (EVs) and offer special benefits to customers.

Md Zahid Hossain, deputy managing director of the bank, and Sayed Joynul Abedin, chief executive officer of AREAL, signed the MoU at a ceremony in Dhaka recently, according to a press release.

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Under the agreement, customers purchasing EVs directly from AREAL will have access to preferential auto financing facilities from Midland Bank, including special interest rates and reduced loan processing fees, subject to the bank’s policies and regulatory requirements.

AREAL will also offer special discounts on 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, with the bank aiming to complete end-to-end loan processing within three working days after receiving complete documentation.

Customers referred by AREAL will receive priority processing, with a dedicated relationship manager coordinating the financing process.

The collaboration will also include digital initiatives such as financing pre-screening and QR-based application facilities at product galleries.

The two organisations will jointly conduct promotional and customer awareness activities highlighting the affordability, cost savings and environmental benefits of EV ownership, as well as charging infrastructure.

The MoU will remain valid for one year from the date of execution.

Mohd Javed Tarek Khan, senior executive vice-president and head of Institutional Banking Division; Mohammed Rashadul Anwar, vice-president and coordinator of retail distribution and head of Public Relations Division; Shahed Mahmood Reza, vice-president and head of Unit-04 at Institutional Banking Division; and Mohammad Asif Hossain, first assistant vice-president and relationship manager, attended the event.

Among others, Amit Saha, assistant general manager of finance and accounts at Akij Food & Beverage Ltd; Raquibul Ahsan, senior manager of brand at Akij Renewable Energy & Automobiles Ltd; Tashfeen Ahmad, assistant manager of brand; and Md Yousuf Sazid, assistant manager of operations at Akij Bicycle & Engineering Ltd, were also present.