Volvo India and Srei BNP join hands to launch Volvo Financial Services.
Volvo India and Srei BNP Paribas have announced the formation of an alliance to launch a private label retail financing programme branded as Volvo Financial Services in India with immediate effect. This will strengthen the Volvo Group's ability to provide full service financial solutions to Volvo Group customers in India and customers of its joint venture (JV) with Eicher Group, viz, VE Commercial Vehicles Ltd (VECV). With the launch of the Volvo Financial Services offering, the Volvo Group will accelerate its business growth in India across all of its products by packaging its product offerings with financing through its alliance with Srei BNP Paribas. By engaging the two companies at the sales, marketing and operations levels, the alliance will allow both companies to address new growth opportunities by developing co-branded financing programmes and services for customers of the Volvo Group and Srei BNP Paribas.
Being a part of the Volvo Group, Volvo Financial Services in India is aimed at building a reputation for attractive customer financing services to the external and internal customers of the Volvo Group and VECV. Volvo Group's brands include Volvo trucks, Volvo construction equipment and Volvo buses, while VECV's brands include Eicher trucks and Eicher buses. Srei BNP Paribas is India's largest construction equipment finance company and with this alliance, Volvo Financial Services will leverage Srei BNP Paribas's expertise of over 22 years coupled with a network of 87 offices across India, strong underwriting capabilities and an asset base of over Rs 12,000 crore to increase its penetration and give complete financing solutions to customers buying Volvo products in India.
John Rakocy, President of Volvo Financial Services for Region Asia/Pacific comments, “After a comprehensive review process, we are excited to ally with Srei BNP Paribas for Volvo Financial Services in India. The Volvo Group and its distributors will benefit from leveraging Srei's expertise and financial capabilities in credit underwriting, funding, and sales and marketing effectiveness through a private label programme under the Volvo Financial Services name. We look forward to continued growth within this key Asian market.”
D K Vyas, CEO, Srei BNP Paribas, says, “We have a partnership approach in all our businesses and we are happy to join hands with Volvo Financial Services, in their endeavour to provide financing solutions to Volvo Group customers. We have been financing Volvo Group products since their entry into the country but through this formal association, we will complement each other's strength and further cement our relationship. Srei BNP Paribas' dominant leadership in this business, consistency, innovative financing products, and its distribution should help the Volvo Group increase its market share and participate in the India growth story.”
Volvo Financial Services is the global finance arm of the Volvo Group. The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services, and is the world's leading producer of heavy-diesel engines (9-18 litre). Volvo Financial Services was formed in 2001 and is headquartered in Greensboro, North Carolina, USA. The company has assets of over $14 billion, more than 1,200 employees worldwide, and conducts business in over 40 countries across Asia-Pacific, Europe and the Americas. Volvo Financial Services provides a full range of financial services for the truck, construction equipment, bus, marine, and aerospace industries. The primary brands that Volvo Financial Services supports are Mack Trucks, Renault Trucks, UD Trucks, Volvo Trucks, Volvo Construction Equipment, Volvo Buses, Volvo Penta, and Volvo Aero.
The alliance will strengthen the Volvo Group's ability to provide full service financial solutions to Volvo Group customers in India.