Daimler India Commercial Vehicles Announces partnerships with State Bank of Bikaner & Jaipur & Canara Bank

DICV signs MoUs with two additional banks

 for financing solutions of 

commercial vehicles

        Announces partnerships with State Bank of Bikaner and Jaipur and Canara Bank & Customers to benefit from the viable finance options offered by the banks

Mumbai,  India, August 27, 2015 –: Daimler India Commercial Vehicles Pvt. Ltd. (DICV) the 100% wholly-owned subsidiary of Daimler AG signed two Memorandum of Understandings (MoUs) with Canara Bank and State Bank of Bikaner and Jaipur to provide commercial vehicle financing packages to BharatBenz customers across the country.

Announcing the partnerships, Mr. Erich Nesselhauf, CEO and Managing Director, DICV, said, "Partnering with State Bank of Bikaner and Jaipur and Canara Bank as our preferred financiers allows us to strengthen our presence across key North and South regions, 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."

State Bank of Bikaner and Jaipur is the largest bank in Jaipur with wide network which covers most key business centers across Pan-India.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. Canara Bank sponsors two regional rural banks (RRB) - Kerala Gramin Bank, headquartered in Malappuram with operations in all districts in Kerala and Pragathi Krishna Gramin Bank, headquartered in Bellary, Karnataka.

The agreements were signed by and between 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 in Bangalore and Mr. Rakesh Kaushal, Deputy General Manager (MSME), State Bank of Bikaner and Jaipur and Mr. Arghadip Roy, Deputy General Manager and National Head- Retail and Channel Finance, Daimler India Commercial Vehicles Private Ltd. (DICV) and Mr. Amit Bhatia, Senior Manager, Retail Finance North of DICV in Jaipur.

Being a dominant financial institution, with wide coverage, the customers have huge trust in these banks.  Apart from Daimler’s own captive financing brand, BharatBenz Financial, Canara Bank and State Bank of Bikaner and Jaipur now becomes a key financing partner for BharatBenz along with others like HDFC Bank, ICICI Bank, Sundaram Finance, Kotak Bank etc., adding substantial choice and value for customers.