GM India inks MoU with Oriental Bank of Commerce for vehicle financing

Company Brief

New Delhi, November 30, 2009

General Motors India and Oriental Bank of Commerce have signed a Memorandum of Understanding (MOU) to finance the sale of GM India vehicles both at wholesale and retail levels. The agreement was signed by Mr. Ankush Arora, Vice President, Sales, Marketing and After sales, GM India and Mr. A.K Tangri, General Manager (RDRPSCD), Oriental Bank of Commerce in the presence of Mr. Karl Slym, President & Managing Director, GM India and other officials of the bank.

Speaking on the occasion Mr. Ankush Arora, Vice President (Sales & Marketing), General Motors India said, "We are extremely pleased to partner with Oriental bank of Commerce because of its wide network across the country. It's extensive reach will help our customers to get loan facilities to buy our products. Low interest rates and low processing charges are some of the benefits of opting for Oriental Bank of Commerce as the preferred financier for our vehicles.", he added.

As per the MOU, Oriental Bank of Commerce will now provide retail financing to customers for purchase of GM India vehicles across the country. Both, Oriental Bank of Commerce and GM India will promote schemes to offer easy finance options to our valued customers through all branches of Oriental Bank of Commerce. With a network of over 1400 branches across the country, Oriental Bank of Commerce is one of the largest public sector banks in India. As one of the top ranking banks of international repute, it has been growing rapidly since its inception.

It may be recalled that GM India had already signed agreements with several banks for financing of its vehicles. The financing arrangements with the public sector banks are helping the company to provide auto loans to its customers in over 200 cities where its dealers are located. Gearing up for a major drive to further consolidate its position in the automobile market, General Motors India is now appointing more dealers and authorized service outlets in urban, semi-urban and other cities to widen its network and reach out to its valued customers across the country.

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Kanika Shriram

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