Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer and the largest passenger car exporter, and Vijaya Bank, a premier public sector bank, today signed a Memorandum of Understanding (MoU) aimed to mutually benefit both companies by better serving their customers.
The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Sri K. Jayakar Shetty, General Manager, Vijaya Bank on behalf of their respective organisations. Sri Albert Tauro, Chairman & MD, Vijaya Bank and Smt. Shubhalakshmi Panse, Executive Director, Vijaya Bank were also present at the MoU signing ceremony.
Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, “We are pleased to announce this partnership with Vijaya Bank, which has a strong pan-India presence. With this association, we will be able to reach out to a wider consumer base with better and easier finance options. Also, the competitive rates and easily accessible locations of the bank will surely benefit our customers.”
Under the agreement, both Hyundai Motor India dealers and the bank branches will source Hyundai Motor India car loan business using their customer database. 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 cross sell Hyundai vehicles along with the bank’s car loans and schemes.
HMIL currently has a 296 strong dealer network and 592 strong service points across India, which will see further expansion by end of 2010.
Source: Hyundai Motor India Ltd
