Hyundai Ties Up with Allahabad Bank

Wednesday 08 December 2010, 00:00 AM by Payal Pathak

Hyundai India Pvt Ltd (HMIL), the second largest passenger car maker in the country, has signed a memorandum of understanding (MoU) with Allahabad Bank, in order to provide its customers with easy finance options in the Indian market. Where from Hyundai’s side the MoU was signed by its Director Mr. Arvind Saxena, from Allahabad Bank’s side it was signed by Mr. Bibhas Kumar Srivastav who is the General Manager in Retail Banking at the bank.

The Allahabad Bank is one of the most prestigious banks in India and has over 2,364 branches spread all over the country. The bank has over 200 ATM outlets in the country. With this tie-up, both of the organizations will not only promote each others products but will also get good leverage to strengthen its position in the Indian market. They will also utilize each others customer base in enhancing their auto-loan business in the country.

On the other hand, auto giant Hyundai has a huge network of 627 service points and 307 dealers. The company sells a range of cars in the Indian market in the country that comprises of hatchbacks like Santro Xing, Hyundai i10 and i20, sedans like Accent, Verna Transform and Sonata Transform, and SUV Santa Fe.

Speaking on the occasion, Mr. Arvind Saxena, Director, Marketing and Sales, at HMIL, told to reporters that with this partnership the Hyundai customers will get competitive rates and convenient finance options in all locations where the branches of this bank is available. The tie-up will also help the bank in increasing its customer base in tier II and tier III cities across the country.

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