Mahindra & Mahindra signs MoU with Allahabad Bank for Car Loans and Commercial Vehicle Finance
Mahindra & Mahindra Ltd announced a Preferred Financier agreement for Car Loans and Commercial Vehicle Finance with Allahabad Bank.
- (1888PressRelease) October 01, 2010 - Kolkata - Mahindra & Mahindra Ltd. (M&M), a part of the US $7.1 billion Mahindra Group, announced a Preferred Financier agreement with Allahabad Bank, one of India's premier public sector banks with 145 years of banking history, today. The Memorandum of Understanding (MoU) was signed by both parties, and will enable M&M customers to avail of vehicle finance services from any branch of Allahabad Branch, in addition to over 100 dedicated delivery channels for retail lending through 27 Centralized Retail Banking Boutiques and 75 Retail Banking Boutiques across the country.
The MOU was signed by Shri Bibhas Kumar Srivastav, General Manager, Retail Credit Dept, Allahabad Bank and Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd. in the presence of Shri J. P. Dua, Chairman & Managing Director of Allahabad Bank at the Bank's Head Office in Kolkata. Shri D Sarkar & Shri M. R. Nayak, Executive Directors and General Managers of Allahabad Bank, also graced the occasion.
The tie-up will enable both M&M and Allahabad Bank to leverage on the inherent strengths of each other's vast network of 250 dealerships as well as a 2300+ branch network respectively.
Speaking at the signing, Mr J P Dua, Chairman, Allahabad Bank said, "With a customer base of 24 million we are always looking for avenues to offer the best products. This tie-up with M&M is a step in the right direction. With 2300+ branches we have access to a major part of India's hinterland where Mahindra vehicles are the most preferred mode of transportation for goods as well as passengers. We are hopeful of working closely with M&M in the days to come and to make this relationship a mutually beneficial one".
Mr. Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra mentioned, "Allahabad Bank is a dynamic and growing, tech-savvy bank and it is a moment of pride for M&M Auto Sector to be associated with a bank of its stature, heritage and respect. With highly competitive schemes (up to 85% on road funding, rates starting as low as 9%) for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers."
About Allahabad Bank
Allahabad Bank was founded in 1865 by a group of Europeans in the historic city of Allahabad. It was a quiet beginning to what today has become India's oldest joint stock bank.
In 1923, the Bank shifted its Head Office to Calcutta, then the country's commercial capital. Four years later, the Bank went to the fold of Chartered Bank Group and through long association, derived many strengths from its international presence.
The Bank with its 151 branches and deposits of Rs. 119 crore, was nationalized in 1969 with 13 other major commercial banks, to come under the ownership of the Government of India . In the wake of liberalization, two public issues of the Bank in 2002 and 2005 reduced the stake of the Government to 55.23%.
The Bank has undertaken strategic planning in order to strengthen financial foundation through both geographical and product diversification. In addition to 2348 branches across the length & breadth of India, the Bank has its first overseas branch at Hong Kong and a representative office at Shenzhen, China.
As a measure of product diversification, the Bank has tie up arrangements with various reputed Insurance Companies and Mutual Funds. The Bank has also floated a non-life insurance company under joint venture with national & foreign companies of repute..
In the recent times, the Bank has emerged with a brand image of dynamic and growing in Indian banking circle. The total business of the Bank crossed Rs.1, 84,000 crores as on 30.06.2010. Target oriented, aggressive marketing of a whole new range of value added products contributed substantially to its growth and enhanced the confidence of its more than 24 million customers and stakeholders.
During this journey of about 146 years, the trust of its customers, investors and stakeholders have always stood the Bank in good stead, thus enabling it to withstand all odds. Today Allahabad Bank is on the threshold of becoming a bank of global stature, as it spreads out to the world at large.
About The Mahindra Group
Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $7.1 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image.
Mahindra is the only Indian company among the top tractor brands in the world. It is today a full-range player with a presence in almost every segment of the automobile industry, from two-wheelers to CVs, UVs, SUVs and sedan. Mahindra recently acquired a majority stake in REVA Electric Car Co Ltd. (now called Mahindra REVA), strengthening its position in the Electric Vehicles domain.
The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam.
Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08 and has also received the A+ GRI rating for the year 2008- 09.
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