Bank of Baroda signs ‘preferred financier’ MoU with Hyundai Motor India Ltd

Mumbai, September 25, 2019: Bank of Baroda, one of India’s leading public sector bank has announced the signing of a Preferred Financier Memorandum of Understanding (MoU) with Hyundai Motor India Ltd., the country’s first Smart Mobility Solutions Company and the largest exporter since inception. The document was signed between P.S.Jayakumar, MD & CEO, Bank of Baroda and Seon Seob Kim, MD & CEO of Hyundai Motor India Ltd. This first of its kind partnership for Bank of Baroda with an original equipment manufacturer (OEM) allows it to provide a detailed financing structure for both dealers and consumers, further enhancing its presence across the network of Hyundai Motor India Ltd. The Dealer financing will be done as per the bank’s existing product program of Supply Chain Finance. Sharing his thoughts on the alliance, P S Jayakumar, MD & CEO, Bank of Baroda said, “We are delighted to be associated with one of the leading passenger vehicle manufacturer-Hyundai Motor India Ltd. We are here to support the Auto Industry & we are optimistic on the future of the Industry. There is a huge potential available in the auto loan/Dealer finance /commercial finance segment, we are hopeful that this agreement will help increase our market penetration.” Speaking on the MoU singing Ceremony, S. S. Kim, MD & CEO, Hyundai Motor India Ltd., said, “We are proud to collaborate with India’s leading public sector bank – Bank of Baroda which will offer new-age banking and finance solutions for both our customers and dealer partners. We are sure this alliance will benefit our dealer partners to manage their inventory funding requirements effectively.”