Mahindra and Mahindra Ltd, the country's leading SUV manufacturer, on Tuesday signed a Preferred Financier agreement with Karur Vysya Bank to help customers avail vehicle finance services from any branch of KVB.
The MOU was signed by K V Rao, General Manager of Karur Vysya Bank and Atul Sinha, Senior General Manager - Sales South, Mahindra and Mahindra Ltd in the presence of K Venkataraman, MD and CEO, KVB and V Krishnaswamy, President and COO, KVB.
The tie-up will enable both M&M and Karur Vysya Bank leverage on the inherent strengths of each other's vast network of over 250 dealerships and 450 plus branches, respectively, a press release said.
Speaking on the occasion Venkataraman said "KVB is expanding its operations in commercial and passenger vehicle financing.It has been making niche offerings to its customers and this arrangement with M and M will be one such special initiative."
Arun Malhotra, Senior Vice President, Sales and Customer Care, Automotive Division, Mahindra and Mahindra Ltd., said "At Mahindra, we relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is surely a step in the same direction."
Sinha said "We see great synergy in this tie-up with KVB, as this alliance will open up new markets and customers for both the bank and M&M."