BharatBenz inks MoU with HDFC Bank

BharatBenz, the exclusive truck brand for the Indian market by Daimler, world’s leading producer of commercial vehicles, has signed a Memorandum of Understanding with the country’s no.1 auto loan player HDFC bank for financing its commercial vehicles. Under this alliance, HDFC Bank becomes the first preferred financier for BharatBenz Trucks in the country. Through this arrangement HDFC Bank will provide suitable products for BharatBenz customers. Marc Llistosella, Managing Director & CEO, Daimler India Commercial Vehicles (DICV), and Aditya Puri, Managing Director of HDFC Bank, were present at the signing of the agreement at HDFC Bank Headquarters in Mumbai. The agreement was signed by Ashok Khanna, Sr. Executive Vice President & Business Head, Vehicle Loans, HDFC Bank, and Hans Luedecke, General Manager, Retail Finance,DICV. As part of the MoU, HDFC Bank will evaluate the finance needs of the clients and develop appropriate financing packages to BharatBenz customers all over the country. Announcing the tie-up, Marc Llistosella, Managing Director and Chief Executive Officer, (DICV) said, “Having chosen HDFC Bank as our preferred financier, this partnership is another big step as we move towards the market launch of our BharatBenz Trucks. This alliance allows us to strengthen our presence as HDFC Bank has a wide network and complements in serving our prospective customers. BharatBenz customers can be assured of competitive loan terms. This partnership brings forward renowned business practices from HDFC Bank and innovative technology leadership from Daimler for customers; enhancing holistic mobility solutions.” Aditya Puri, MD of HDFC Bank, said, “We not only have a wide distribution network in the urban, semi-urban and rural areas, we also have many existing truck customers, who will be keen on trying this new, exciting truck brand, backed by the confidence of existing financier relations. This symbiotic relationship will help to leverage the strengths of HDFC Bank and Daimler, thus opening up new avenues and allowing for a collaborative association.” In addition, it was agreed upon that HDFC Bank will extend cooperation on the consumer and corporate banking sides across Daimler India entities as well by leveraging its geographical reach, state-of-art technology, cash management capabilities and supply chain solutions. As of June 30, 2011, HDFC Bank has an enviable network of 2,111 branches in 1,111 cities and 5,998 ATMs in India. DICV, a 100pc subsidiary of Daimler AG, will roll out trucks in 2012 from its manufacturing facility at Oragadam, near Chennai. Spread over about 160 hectare, the facility also houses a state of the art test track, which is a testimony to the promise of uncompromising quality and performance. Over 3.5 million kilometre of testing has been successfully completed by the company.