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DICV signs MoU with Canara Bank as its preferred financier for commercial vehicles

Aug 27, 2015

BharatBenz customers to benefit from Canara Banks’ schemes for financing vehicles

Bangalore, India, August 27, 2015 –: Daimler India Commercial Vehicles Pvt. Ltd. (DICV) the 100% wholly-owned subsidiary of Daimler AG today signed a Memorandum of Understanding with Canara Bank to provide commercial vehicle financing packages to BharatBenz customers across the country.

Canara Bank is one of the pioneers in the banking industry in the country, established in Mangalore in 1906. The bank is headquartered in Bangalore, and has an extensive network Pan-India with huge concentration in the urban and rural southern areas.

Being an aggressive bank in SME lending sphere, with wide coverage, the customers have multiple schemes to choose from. Apart from Daimler’s own captive financing brand, BharatBenz Financial, Canara Bank becomes a key financing partner for BharatBenz along with others adding substantial choice and value for customers.

The agreement was signed by R Madhusudan, General Manager, Canara Bank and Mr. Arghadip Roy, Deputy General Manager and National Head- Retail and Channel Finance, Daimler India Commercial Vehicles Private Ltd. (DICV) and Mr. Prabudass Ealumalai, Senior Manager, Retail Finance South of DICV.

Announcing the partnership, Mr. Erich Nesselhauf, CEO and Managing Director, DICV, said, "Canara Bank as our preferred financier allows us to strengthen our presence in South India, particularly Karnataka and Kerala due to its outreach to interior markets. This partnership will help our dealers in this region to leverage on the banks support and promote BharatBenz products in these markets. We are confident that our customers will benefit from the viable finance options provided by the bank, and they can be assured of competitive financing solutions with tailor-made offerings for our BharatBenz trucks."

R Madhusudan, General Manager, Canara Bank added, "We have strong presence in Karnataka and Kerala; our wide distribution network will help in reaching out to the semi-urban and rural areas of these states. This symbiotic relationship will help to leverage ours and DICV’s strengths, thus opening up new avenues and allowing for a collaborative association."

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