General Motors India and Bank of Baroda (BoB) have signed a Memorandum of Understanding (MOU) to finance the sale of GM vehicles at both the wholesale and retail levels. The agreement was signed by Mr. Ankush Arora, Vice President, Sales, Marketing and Aftersales, GM India and Mr. S.P. Agarwal, General Manager (SME), Bank of Baroda in the presence of Mr. Karl Slym, President & Managing Director, GM India and Mr. M.D Mallya, Chairman and Managing Director, Bank of Baroda, in Mumbai.
Speaking on the occasion, Mr. Slym said, “Considering the slowdown in the auto industry, this association with Bank of Baroda at this juncture is an attempt to ensure that we are able to reach out with more finance options.â€
As per the MOU, Bank of Baroda will now provide wholesale financing to GM India dealers and retail financing to customers for purchase of GM India vehicles across the country. Both Bank of Baroda and GM India will undertake joint promotions and schemes to offer finance options.