Private sector lender, IndusInd Bank has inked a deal with the automotive sector of Mahindra & Mahindra Ltd. (M&M Ltd.). A memorandum of understanding (MoU) has been signed by the two entities whereby the bank would be considered as prime financiers of all vehicles sold under the Mahindra umbrella inclusive of passenger and commercial vehicles.
Announcing the tie-up, Mr. SV Parthasarathy, Executive Vice President (Consumer Finance Division), IndusInd Bank Ltd. said, "IndusInd Bank is a market leader in the vehicle financing industry and has over a decade's experience in serving more than a million customers. The Bank has developed excellent customer service and support systems on an advanced technological platform. We see great synergy in this tie-up and this alliance will open up new markets and customers for both IndusInd Bank and Mahindra & Mahindra."
Speaking on the occasion Mr. Sumant Kathpalia, Head Consumer Banking, IndusInd Bank said, "This strategic alliance is a part of our expansion strategy in the consumer finance segment. We have a wide distribution network covering urban, semi urban and rural areas. We will leverage on our network for mutual benefit."
Mr. Arun Malhotra, Sr. V.P. Sales & Customer Care, M&M Ltd. said, "Mahindra & Mahindra is a leading automotive manufacturer in the Indian automotive industry with brands such as Scorpio, Bolero, Xylo and Logan being in constant favour with buyers. In addition to providing finance to our passenger vehicles, IndusInd Bank will also provide finance for Mahindra's range of three wheelers, pick-ups and newer products such as the Gio, Maxximo, & Genio, in the small commercial vehicle segment. Going ahead, we are confident that IBL's financing experience will add value to the collaboration, as we look forward to a long and rewarding association."
The bank currently has a branch network of 258 branches, more than 500 business outlets and 556 ATMs located across 192 places in India.