Federal Bank today signed a Memorandum of Understanding (MoU) with Tata Motors, for financing Tata's commercial vehicles through an alliance partnership.
"This partnership can be termed as a strategic alliance between one of the major private sector banks having 823 branches across India and the biggest vehicle manufacturer having more than 60% market share in the commercial vehicle segment of our country," said the bank's statement.
PC John, Executive Director of Federal Bank further added, "Their commercial vehicle range extends from the light two-tonne trucks to heavy dumpers and multi-axled vehicles. We see vast opportunities in servicing our SME customers through this relationship."
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