KATHMANDU: Shangri-la Development Bank Ltd (SDBL) and Life Insurance Corporation (LIC) Nepal have entered into a bancassurance agreement to provide insurance products to clients of SDBL.

Following the agreement, SDBL customers can now avail all insurance services from its 40 branches. The agreement was signed by Rajendra Poudel, CEO of SDBL and Abhijit Ghosh Dastidar, officiating officer of LIC Nepal.

This arrangement is believed to be beneficial to bank customers as it will provide better access to various insurance services.

As of the third quarter end of current fiscal, SDBL's paid-up capital stood at Rs 2.36 billion, whereas deposits and credit outstanding figures stood at Rs 14.76 billion and Rs 14 billion, respectively.