South Indian Bank (SIB) today signed an MOU (Memorandum of Understanding) with Mahindra and Mahindra Ltd (Automobile division) for providing the latter's dealers with financing solutions. Under the partnership, SIB will provide unmatched dealer finance solutions to M&M's dealers, thereby meeting their vehicle inventory funding requirements.
Speaking on the alliance, Ms. Biji S.S, Senior General Manager & Group Business Head, South Indian Bank, said, "In-line with our customer centric strategy, we are signing this MoU. This alliance augments our focus on dealer finance business and we are confident that through our diverse finance solutions, we will be able to provide their dealers with inclusive finance options. Our partnership will provide the dealers more options in funding their vehicle inventory. We are sure that it will create a synergy between our businesses and prove a benchmark in the banking and automobile industry."
Speaking on the partnership, Mr. Baneswar Banerjee, Vice President - Sales, Automotive Division, Mahindra & Mahindra Ltd. said, "Our association with South Indian Bank will provide our dealer network with suitable inventory financing solutions. We are happy to partner with SIB which carries a similar tradition like us in serving India's consumers with superior offerings. We look forward to working closely with SIB to further improve our value chain delivery equations and enhance our services."
The MoU was exchanged between Mr. Rakesh Sen, Vice President, SPOC, Mahindra & Mahindra and Ms. Biji S.S, Senior General Manager and Group Business Head, South Indian Bank, in presence of Mr. Amit Jaiswal, DGM - Channel Finance & Dealer Business Development, Mahindra & Mahindra, Mr. Praveen Joy, DGM & Head Transaction banking Group, Mr. Ramesh U, DGM & ZSH, Corporate Business Group, South Indian Bank.
Shares of The South Indian Bank Limited was last trading in BSE at Rs. 17.88 as compared to the previous close of Rs. 17.91. The total number of shares traded during the day was 2190923 in over 4327 trades.
The stock hit an intraday high of Rs. 18.10 and intraday low of 17.80. The net turnover during the day was Rs. 39244724.00.