LAHORE - The Bank of Punjab (BoP) has entered into a MoU with M/s EFU Life Assurance Limited for joining hands to launch Bancassurance, says a press release. Naeem-Ud-Din Khan, President and CEO, The Bank of Punjab and Taher G. Sachak, Managing Director and CEO of EFU Life Assurance Ltd signed the MoU on behalf of respective companies. According to the agreement, the Bank of Punjab will act as a corporate distribution agent for certain insurance products of M/s EFU Life through its nominated branches to its customers, subject to approval of the arrangement by SECP. The Bank of Punjab, majority owned by the Government of Punjab, has 273 branches all over Pakistan. Its entire branch network is connected online, providing modern banking services to its customers. The Bank possesses a prominent place amongst top financial institutions of Pakistan, providing quality services to various sectors of the economy and has been rated as A+ and AA- for long-term & short-term, respectively. Total deposits of the bank grew to a level of Rs 209 billion, as of March 31, 2011, which is a remarkable success of the present management.