Akij Renewable Energy & Automobiles Ltd. (AREAL), a subsidiary of Akij Venture Group, and City Bank PLC have signed a Memorandum of Understanding (MoU) to establish a strategic partnership aimed at promoting and facilitating financing for electric vehicles (EVs) in Bangladesh, according to a media release.
The agreement was signed on 27 September 2026 at the ARRA Showroom in Tejgaon, Dhaka. K.M. Nafizul Hoq, Head of Asset, Retail Banking Division at City Bank PLC, handed over the MoU to Sayed Joynul Abedin, CEO of Akij Renewable Energy & Automobiles Ltd., on behalf of their respective organisations.
Under the partnership, customers purchasing electric vehicles directly from AREAL will have access to preferential auto financing facilities from City Bank PLC. The collaboration is intended to make EV financing more accessible while providing additional benefits to customers purchasing vehicles through AREAL.
AREAL will also offer special discounts on the purchase of brand-new vehicles to eligible City Bank PLC customers and employees across its outlets. The arrangement is expected to provide customers with both financing advantages and purchase incentives when opting for electric vehicles.
A key feature of the partnership will be a fast-track financing mechanism for EV customers. City Bank PLC will provide dedicated support for electric vehicle financing, with the aim of completing the end-to-end loan processing within three working days after customers submit complete documentation.
Customers referred by AREAL will receive priority processing under the arrangement. A dedicated Relationship Manager will coordinate the financing process, helping facilitate communication between customers, AREAL and City Bank throughout the loan application and approval process.
The two organisations will also collaborate on promotional and customer awareness initiatives to encourage greater understanding and adoption of electric vehicles. These activities will focus on the financial, economic and environmental benefits associated with EV ownership.
The awareness initiatives will highlight areas including financing affordability, potential cost savings from electric vehicle ownership, environmental benefits and the availability of charging infrastructure. Through these efforts, the partnership aims to support informed customer decisions and contribute to the broader adoption of electric mobility.
The collaboration brings together AREAL’s role in electric vehicle sales and City Bank’s retail banking and auto financing capabilities to create a more accessible financing ecosystem for EV customers. By combining vehicle purchase incentives with dedicated financing support, the organisations aim to reduce barriers for customers considering electric vehicles.
The partnership also reflects the growing role of financial institutions in supporting the transition towards electric mobility. Easier access to vehicle financing can help customers manage the upfront cost of EV purchases while enabling dealerships and financial institutions to jointly promote the benefits of cleaner transportation.
Several officials from Akij Venture Group and its associated businesses attended the signing ceremony. The participants 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.
Representing City Bank PLC were Sharmin Sultana Rakhi, Head of Auto Loan, Retail Banking Division; Al-Amin Kabir Sajib, Associate Manager, Auto Loan Product; and Parvez Hossen, Assistant Officer, Auto Loan Product.
Through the partnership, AREAL and City Bank PLC aim to strengthen access to EV financing, provide customers with preferential benefits and streamline the vehicle financing process. The initiative is expected to support the wider adoption of electric vehicles by combining financing solutions, customer incentives and awareness-building efforts.
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