Hyundai Motor signs MoU with United Bank of India

KOLKATA: Hyundai Motor India Ltd. (HMIL), the second largest car manufacturer and the largest passenger car exporter, in a bid to provide convenient finance options for its customers, signed a Memorandum of Understanding (MoU) with the United Bank of India (UBI), a premier public sector bank. The MoU was signed by Arvind Saxena, Director, Marketing & Sales, HMIL and R. K. Mohanty- General Manager (Retail Banking, HRD, Planning, Resources & Research. UBI, with its headquarters in Kolkata, has 1,558 branches and more than 300 ATMs across the country. It offers vast and varied services to ensure seamless banking for its customers. This strategic alliance will help both the partners to leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car owners on user-friendly terms. Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, HMIL, noted, "We are pleased to announce this partnership with United Bank of India as our customers will greatly benefit with the competitive rates and convenient locations that the bank provides. As we are rapidly increasing our sales network this tie up will further help us to reach our customers and increase our reach both in terms of our products and the finance option as well. We are confident that this effort will help us reach out to a wider consumer base with better and easier finance options." 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 and the bank's car loans and schemes. HMIL currently has a 293 strong dealer network and 580 strong service points across India, which will see further expansion in 2010.