Allahabad bank ties up with Suzuki Motorcycle India PVT Ltd
 Allahabad
Bank, one of the leading Nationalised Banks of the Country,
signed a MOU today with the country's major motorcycle
manufacturer M/S Suzuki Motorcycle India Pvt Ltd for entering
into a strategic partnership for promotion of two-wheeler
vehicles financing under "AllBank Mobike" Scheme. Shri
K.R.Kamath, Chairman & Managing Director, Shri K.K.Agarwal,
Executive Director and Shri J.P. Dua, Executive Director of the
Bank graced the occasion. The MOU was signed by Shri Prabir Moulik , General Manager (
Retail Credit) Allahabad Bank and Shri Atul Gupta,
Vice-President (Sales & Marketing) M/S Suzuki Motorcycle India
Pvt Ltd at New Delhi on 16.02.2009. Under the tie-up, the Bank
shall become a preferred financier of Suzuki Two Wheelers. The
Bank on its part will offer financing facilities to the eligible
customers.
The tie-up would be a win-win situation for both the partners.
The tie-up with SMIPL, a subsidiary of Suzuki Motor Corporation,
Japan, engaged in manufacture and marketing of Suzuki
two-wheeler vehicles of various models, will not only help the
Bank in increasing Two-Wheelers Loan Portfolio and in achieving
the Bank's target in financing of Two-wheelers. Both SMIPL and Allahabad Bank shall advertise the name of each
other as preferred Two-Wheelers financier in the advertisement &
publicity that may be displayed in showroom of SMIPL Dealers or
at any other place. Under the agreement, both the SMIPL Dealers
as well as the Allahabad Bank Branches would be sourcing SMIPL
Two-Wheelers loan business, using their own customer database. Sourcing of Two-Wheelers loans shall be done at SMIPL Dealership
points apart from Bank's Branches for which SMIPL shall provide
Allahabad Bank the access to its dealers for procurement of
Two-Wheelers Finance business. Customers availing two-wheeler loans from Allahabad Bank will
get special discount from SMIPL. This Tie-Up arrangement will
also give the Bank a platform from where different products of
the Bank can be marketed to the prospective buyers of the
two-wheelers throughout the country and thus the Bank's retail
portfolio as well as customer base can be increased. Commenting on the occasion, Mr Atul Gupta, Vice-President (Sales
& Marketing), Suzuki Motorcycle India Pvt Ltd has expressed his
pleasure and willingness in extending relationship with
Allahabad Bank by offering the unique opportunity for becoming a
preferred financier of Suzuki Two-wheelers. Expressing his views on the occasion, Shri K.R.Kamath, Chairman
& Managing Director of Allahabad Bank said that association with
M/S Suzuki Motorcycle India Ltd, one of the leading
manufacturers of two-wheeler vehicles of the country, will
create enormous scope for the Bank in the area of financing of
motorcycles, increasing Bank's Retail Credit portfolio & Client
base as also it will provide the prospective buyers of
two-wheelers an opportunity to avail finance from Allahabad Bank
at discounted price. New Delhi
16.02.2009
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