Hyundai signs MoU with Allahabad Bank to provide finance
Hyundai Motor signed a Memorandum of Understanding (MoU) with Allahabad Bank to provide finance options to its customers.
By Agencies |
NEW DELHI: Hyundai Motor signed a Memorandum of Understanding (MoU) with Allahabad Bank to provide finance options to its customers.
The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. Bibhas Kumar Srivastav, General Manager, Retail Banking, Allahabad Bank on behalf of their respective organizations.
Allahabad Bank, with its headquarters in Kolkata, has 2,364 branches and more than 200 ATMs across the country. It offers vast and varied services to ensure seamless banking for its customers. This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car buyers on easier terms.
Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, “We are very happy to announce this partnership with Allahabad Bank. This partnership will provide our customers with competitive rates and convenient finance options at locations where the bank has branches. As we are rapidly increasing our sales network, this tie up will further help us to reach a wider base of customers, increase penetration in tier II & III cities in terms of our products and the finance options available.”
As part of the agreement, both HMIL dealers and the bank will utilise their respective customer databases for growing their car loan business. The tie-up is extended to cover financing options by all the branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to sell Hyundai vehicles along with the bank’s car loan products.
HMIL currently has a 307 dealers and 627 service points across India, which will see further expansion in 2011.
The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Mr. Bibhas Kumar Srivastav, General Manager, Retail Banking, Allahabad Bank on behalf of their respective organizations.
Allahabad Bank, with its headquarters in Kolkata, has 2,364 branches and more than 200 ATMs across the country. It offers vast and varied services to ensure seamless banking for its customers. This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car buyers on easier terms.
Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, “We are very happy to announce this partnership with Allahabad Bank. This partnership will provide our customers with competitive rates and convenient finance options at locations where the bank has branches. As we are rapidly increasing our sales network, this tie up will further help us to reach a wider base of customers, increase penetration in tier II & III cities in terms of our products and the finance options available.”
As part of the agreement, both HMIL dealers and the bank will utilise their respective customer databases for growing their car loan business. The tie-up is extended to cover financing options by all the branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to sell Hyundai vehicles along with the bank’s car loan products.
HMIL currently has a 307 dealers and 627 service points across India, which will see further expansion in 2011.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
Related Articles
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions2024-06-18T07:08:25Z- CA firms sue RBI after getting replaced as auditors of Allahabad Bank2021-04-04T18:58:51Z
- Indian Bank integrates core banking software of erstwhile Allahabad Bank2021-02-15T15:22:59Z
ADVERTISEMENT
