Mumbai, March 4, 2016: Hyundai Motor India Ltd (HMIL), the country’s leading car manufacturer and the largest passenger car exporter, today signed a Preferred Financier Agreement with Federal Bank, the banking major. The tie-up will enable dealers of Hyundai Vehicles to avail of Inventory funding services from any of the 1200 plus branches of Federal Bank across India. The MoU was signed by Shri. Prabhat Kumar Patney, Addl. General Manager, Federal Bank Ltd and Shri. B S Jeong, Director – Sales & Marketing, Hyundai Motor India Ltd. at New Delhi. The tie-up will enable both HMIL and Federal Bank to leverage the inherent strengths of the two in terms of its footprint that is spread across the country.
Speaking on the occasion, Shri Prabhat Kumar Patney, Addl. General Manager, Federal Bank mentioned, “We are happy to associate with a leading brand in automobile industry. Federal Bank is expanding its operations in Commercial Vehicle & Passenger vehicle financing. This arrangement with HMIL for funding the dealers will be one of several such initiatives. The Bank is coming out with an attractive package with liberal terms both in interest rate and other norms for HMIL Dealer to purchase the vehicles from Hyundai. The convergence of both the organisations will benefit customers a great deal.”
Speaking on the occasion, Shri. B S Jeong, Director- Sales & Marketing, Hyundai Motor India said, “We are pleased to announce this partnership with Federal Bank as our channel partners will be greatly benefited with the services and competitive rates offered by the bank. This tie-up will further help us reach our customers and give them a value addition under ‘Experience Hyundai’ program. We are confident that this effort will help support a wider consumer base, with better and easier finance options.”
About Federal Bank
Federal Bank is a leading Private Sector Bank with a branch network of 1,252 branches and 1,548 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that seraves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress.