Allahabad Bank ties up with M/S Maruti Suzuki (I) Ltd

Allahabad Bank, one of the leading Nationalised Banks of the Country, signed an MOU today with the country's largest manufacturer of passenger cars M/S Maruti Suzuki (I) Ltd (MSIL) for entering into a strategic partnership for promotion of Car financing. Shri K. R. Kamath, Chairman & Managing Director, Shri K. K. Agarwal and Shri J.P. Dua, Executive Directors of Allahabad Bank graced the occasion.

The MOU was signed by Shri Prabir Moulik, GM (Retail Credit) Allahabad Bank and Shri R S Kalsi, CGM (Sales) M/S Maruti Suzuki (I) Ltd at Head Office of the Allahabad Bank at Kolkata on 07.03.2009. Under the tie-up, the Bank shall become a preferred financier of Maruti cars. 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 MSIL for financing of its various models will help the Bank in increasing Car Loan Portfolio.

Both MSIL and Allahabad Bank shall advertise the name of each other as preferred car financier in the advertisement & publicity that may be displayed in showroom of Maruti Dealers or at any other place. Under the agreement, both the Maruti Dealers as well as the Allahabad Bank Branches would be sourcing Maruti Car loan business, using their own customer database.

Sourcing of Car loans shall be done at Maruti Dealership points apart from Bank's Branches for which MSIL shall provide Allahabad Bank the access to its dealers for procurement of Car Finance business.

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 Maruti Cars throughout the country and thus the Bank's retail portfolio as well as customer base can be increased.

Commenting on the occasion, MR R S Kalsi, CGM (Sales), Maruti Suzuki (I) Ltd has expressed his pleasure and willingness in extending relationship with Allahabad Bank by offering the unique opportunity for becoming a preferred financier of Maruti Cars.

Expressing his views on the occasion, Shri K. R. Kamath, Chairman & Managing Director of Allahabad Bank said that association with M/S Maruti Suzuki (I) Ltd will create enormous scope for the Bank in the area of financing of car, increasing Bank's Retail Credit portfolio & Client base as also it will provide the prospective buyers of car an opportunity to avail hassle free finance from Allahabad Bank and also other services / product of the Bank.

Kolkata
07.03.2009