Stock Report

Karnataka Bank partners with SCHWING Stetter India Pvt Ltd for financing construction equipment

Posted On : 2022-08-03 22:50:10( TIMEZONE : IST )

Karnataka Bank partners with SCHWING Stetter India Pvt Ltd for financing construction equipment

Karnataka Bank signed a Memorandum of Understanding (MOU) with SCHWING Stetter India Pvt Ltd, one of India's major construction equipment manufacturers. The collaboration with SCHWING Stetter is expected to broaden the Bank's MSME financing prospects.

This MoU will allow both SCHWING Stetter and Karnataka Bank to provide consumers with customised financial solutions. With this development, the bank will be designated as a financial partner and will be able to meet the needs of its customers by providing loans at competitive interest rates for the purchase of a wide range of construction equipment.

Speaking after signing the MoU, Shri Mahabaleshwara in.S, Managing Director & CEO, Karnataka Bank, said, "In keeping with our focus on credit expansion, the Bank is at the forefront of funding MSMEs, and we are delighted to have signed an agreement with SCHWING Stetter, who share similar principles of excellence, integrity, and long-term development. Our bank offers numerous financing solutions for the acquisition of equipment to our customers, with competitive rates of interest and quick loan approvals through digital platform. Karnataka Bank is firmly devoted to providing attractive finance schemes through such arrangements."

Commenting on the partnership, Mr. V G Sakthi Kumar, Managing Director, SCHWING Stetter India Pvt Ltd said, "SCHWING Stetter has built capacity for manufacturing concrete machines like Plant, Pumps, Mixer and Self-Loading Mixer. Apart from this, now it offers the entire range of construction machineries like Piling Rigs, Crawler Cranes, Terrain Cranes, Hydraulic Excavators, Loaders, Graders & Horizontal Directional Drilling machine. With huge Investments in Infrastructure, we hope our association with Karnataka Bank will help the Bank's customers to easily acquire machines built with the best technology, in the state-of-the-art manufacturing facility with futuristic and digitalised solutions for construction industry."

Present on the occasion were Shri. Balachandra Y V, Chief operating officer, Shri. Gokuldas Pai, Chief Business officer, General Managers & other Executives of Karnataka Bank and executives of SCHWING Stetter India Pvt Ltd.

Shares of The Karnataka Bank Limited was last trading in BSE at Rs. 71.85 as compared to the previous close of Rs. 72.25. The total number of shares traded during the day was 214111 in over 1731 trades.

The stock hit an intraday high of Rs. 73.10 and intraday low of 71.25. The net turnover during the day was Rs. 15434407.00.

Source : Equity Bulls


TheKarnatakaBank INE614B01018 MOU SCHWINGStetterIndia ConstructionEquipmentFinance