Hinduja group flagship company Ashok Leyland on Friday signed a MoU with Corporation Bank and Bank of Baroda to provide retail financing for Ashok Leyland’s commercial vehicle customers.
This tie-up enables Ashok Leyland to leverage the extensive branch network and customer reach of Corporation Bank and Bank of Baroda to the mutual benefit of both the Organisations.
“In the current scenario, we expect Public Sector Banks to provide the most cost effective funding solutions to our customers” Ashok Leyland Chief Financial Officer K Sridharan said.
In handling the retail portfolio, Corporation Bank Deputy General Manager B N Shenoy said the Bank’s Retail Hubs situated in various Centres were fully geared to provide quicker decision support.
He said the Bank currently has an aggregate portfolio of Rs. 729 crore under vehicle financing.
Recognising the wide reach and financial strength of Public Sector Banks, Ashok Leyland has already entered into MoUs with State Bank of India, State Bank of Patiala, Jammu & Kashmir Bank.
Source: Economic Times