To increase finance options for its customers
Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer and the largest passenger car exporter, and Vijaya Bank, a premier public sector bank, today signed a Memorandum of Understanding (MoU) aimed to mutually benefit both companies by better serving their customers.
The MoU was signed by Mr. Arvind Saxena, Director, Marketing & Sales, HMIL and Sri K. Jayakar Shetty, General Manager, Vijaya Bank on behalf of their respective organisations. Sri Albert Tauro, Chairman & MD, Vijaya Bank and Smt. Shubhalakshmi Panse, Executive Director, Vijaya Bank were also present at the MoU signing ceremony.
Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, said, “We are pleased to announce this partnership with Vijaya Bank, which has a strong pan-India presence. With this association, we will be able to reach out to a wider consumer base with better and easier finance options. Also, the competitive rates and easily accessible locations of the bank will surely benefit our customers.”
Under the agreement, both Hyundai Motor India dealers and the bank branches will source Hyundai Motor India car loan business using their customer database. The tie-up is extended to cover financing options by all the branches of the bank in India. Both the partners will utilize and leverage each other’s strengths to cross sell Hyundai vehicles along with the bank’s car loans and schemes.
HMIL currently has a 296 strong dealer network and 592 strong service points across India, which will see further expansion by end of 2010.
About HMIL
Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC), South Korea and is the largest passenger car exporter and the second largest car manufacturer in India. HMIL presently markets 6 models of passenger cars across segments. The A2 segment includes the Santro, i10 and the i20, the A3 segment includes the Accent and the Verna Transform, the A5 segment includes the Sonata Transform.
HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts of the most advanced production, quality and testing capabilities in the country. To cater to rising demand, HMIL commissioned its second plant in February 2008, which produces an additional 300,000 units per annum, raising HMIL’s total production capacity to 600,000 units per annum.
In continuation with its commitment to providing Indian customers with cutting-edge global technology, HMIL has set up a modern multi-million dollar research and development facility in the cyber city of Hyderabad. It aims to become a centre of excellence for automobile engineering and ensure quick turnaround time to changing consumer needs.
As HMC’s global export hub for compact cars, HMIL is the first automotive company in India to achieve the export of 10 lakh cars in just over a decade. HMIL currently exports cars to more than 110 countries across EU, Africa, Middle East, Latin America, Asia and Australia. It has been the number one exporter of passenger car of the country for the sixth year in a row. To support its growth and expansion plans, HMIL currently has a 296 strong dealer network and 592 strong service points across India, which will see further expansion in 2010.
Corporate website: www.hyundai.co.in
About Vijaya Bank
Vijaya Bank, one of the premier public sector banks, was founded on October 23, 1931, at the small port town of Mangalore in coastal Karnataka. Vijaya Bank has grown today into a pan-India Bank, with its presence in 29 States and 4 Union Territories, in the form of 1168 networked branches.
Vijaya was one of the first few public sector banks to accomplish 100% Core Banking status during March 2009. This enviable feat enabled the Bank to expand its Alternative Delivery Channels and bouquet of its products. Today, the Bank delivers through alternative channels like ATMs, Internet Banking, Mobile Banking, SMS alerts, real time funds transfer through RTGS/NEFT, utility payment services and so on. Bank has also diversified into other activities like merchant banking, card business etc. Recently, Vijaya Bank launched its Online Trading services for the benefit of tech-savvy investors and it is set to launch phone banking services as well.
Vijaya Bank has traversed a fascinating phase of 79 years in nation building. Recently it crossed the milestone of RS.100,000 Crore of business and thus, joined the league of big banks. The Bank's net profit, for the first time, crossed the landmark Rs.500 Crore mark for year 2009-10. It now looks forward to a more exciting future ahead, with progressive improvement in its fundamentals and concomitant growth in its top line and bottom line.
