Cholamandalam Investment and Finance Company Limited and Karur Vysya Bank Limited ink partnership for co-lending business

Karur Vysya Bank the leading private sector bank, and Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, jointly announced that they have successfully launched Co-lending business in partnership.

The co-lending model is a great opportunity for banks and NBFCs to draw upon each other's strengths. Co-lending business will significantly help Chola and Karur Vysya Bank to expand their reach to new customer segments across the country where Chola has a stronger presence to target high value loan segments such as construction equipment and Commercial vehicles.

Sharing his thoughts on the same, Mr. Ravindra Kundu (Executive Director, Cholamandalam Investment and Finance Company Limited) said, "Our mission at Chola is to enable our customers enter a better life and we continue to innovate to deliver this. We strongly believe our co-lending partnership with KVB will help us garner market share across segments of customers due to our stronger presence throughout the country. Co-lending is a new direction for Chola but we are confident that this will soon evolve into a very fruitful partnership model for KVB and Chola.

Mr. Natarajan J (President and Chief Operating Officer, Karur Vysya Bank) said, "Chola enjoys a unique position in the industry today due to its strong customer relationship built over four decades and reliance on an inherent value system. The partnership will help the Bank expand its commercial customer base and also provide upselling and cross selling opportunities.

Shares of Cholamandalam Investment and Finance Company Ltd was last trading in BSE at Rs.539.9 as compared to the previous close of Rs. 549.9. The total number of shares traded during the day was 169247 in over 3224 trades.

The stock hit an intraday high of Rs. 555.8 and intraday low of 525.5. The net turnover during the day was Rs. 90939624.

Shares of KARUR VYSYA BANK LTD. was last trading in BSE at Rs.54.35 as compared to the previous close of Rs. 56.8. The total number of shares traded during the day was 148616 in over 1380 trades.

The stock hit an intraday high of Rs. 56.4 and intraday low of 53.15. The net turnover during the day was Rs. 8098910.

Source : Equity Bulls

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