NAIROBI, Kenya, Mar 18 – I&M Bank has signed a deal with MHH International to finance up to 80 percent cost of importing vehicles from the UK, Australia and Japan.
The partnership will see the Bank provide Asset Financing to its new and existing Premium, Business and Corporate customers to import high-quality vehicles.
In addition, the Bank through the Bancassurance arm will provide an enriched comprehensive motor insurance package at a discounted premium rate.
I&M Bank Chief Executive Officer, Kihara Maina, said the partnership has been informed by the exponential growth of demand for high-quality vehicles.
“This strategic tie up will further serve to enhance I&M Bank’s interest income revenue streams as a diversification strategy to grow the loan book size and quality, and will complement I&M Bank’s strategic lending initiatives for its Corporate, Business and Premium Banking segments, by which the Bank plans to take full advantage of to grow its market share,” said Kihara.
Upon receipt of customer enquiry and loan approval by the Bank, MHH International will handle the vehicle sourcing within the UK, Australia and Japan markets and arrange shipment into Kenya, fully clearing and registering the vehicle before handover to the customer.
A three month warranty is given on all vehicle as added assurance to the customer.