Midland Bank PLC signed an agreement recently with CG Runner BD Ltd to finance customer purchases of BYD vehicles in Bangladesh, offering loans ranging from Tk 4 lakh to Tk 80 lakh.

Managing director Imtiaz U Ahmed of Midland Bank and managing director Amid Sakif Khan of authorised distributor CG Runner BD completed the deal during a signing ceremony in Dhaka.

Under the facility, the lender finances up to 80 percent of a vehicle’s value with flexible repayment tenures reaching six years, delivering competitive interest rates to buyers.

Under the memorandum of understanding signed with authorized distributor CG Runner BD Ltd, the bank commits to turnaround times within three working days after receiving paperwork. Approval remains tied to the commercial lender’s internal credit assessments.

Midland Bank managing director Imtiaz U Ahmed and CG Runner BD managing director Amid Sakif Khan signed the deal in Dhaka. Institutional banking head Mohd Javed Tarek Khan, operations head Muhammed Noorunnabi, unit head Muhammad Majidul Haq Patwary and retail coordinator Mohammed Rashadul Anwar attended for the bank. Chief financial officer Md Ferdowsur Rahman and business development head Methun Bhattacharjee joined for the distributor.

Commercial banks in South Asia rarely extended high-tenure consumer credit to new automotive brands without substantial down payments. By underwriting up to 80 percent of asset values, Midland Bank absorbs the residual value risk that typically slows down electric vehicle retail adoption in emerging markets.

Dhaka’s passenger car segment relies heavily on imported reconditioned combustion vehicles. Dealerships selling factory-new battery electric models need institutional debt lines to match the installment structures that grey-market fleet importers routinely provide through non-bank financial institutions.

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