Suzuki Motorcycle India ties up with Standard Chartered Bank for dealer finance
Scooter and motorcycle OEM to provide wholesale funding and customised solutions to its dealer partners for vehicles and spare parts.
Suzuki Motorcycle India, the two-wheeler subsidiary of Suzuki Motor Corporation, has inked an MoU with Standard Chartered Bank to provide wholesale funding to its dealer partners for vehicles and spare parts.
The move is aimed at supporting Suzuki Motorcycle India's dealer partners across India and enable them to expand their businesses and enhance their operations.
Devashish Handa, Executive Vice-President, Sales, Marketing and Aftersales, Suzuki Motorcycle India, said, "We are delighted to partner with Standard Chartered Bank to provide our dealer partners with access to funding that will help them grow their businesses. We are committed to support our dealer partners so that they can meet their financial requirements."
Chandandeep Kaur, Regional Head Global Subsidiaries, India and South Asia, Corporate, Commercial and Institutional Banking, India, Standard Chartered Bank, said, “At Standard Chartered Bank, we are committed to supporting businesses in India by providing them with the necessary financial tools and developing customised eco-system solutions to drive their strategic growth. We truly believe that this partnership will aid in unlocking options and providing these dealer partners with exciting possibilities of transforming their businesses and enhancing their operational capabilities."
Suzuki Motorcycle India, which started operations from its 750,000 units-per-annum plant in Gurugram, Haryana, has sold a total of 657,687 two-wheelers – 639,449 scooters and 18,238 motorcycles – in the first 11 months of FY2023, up 18% year on year (April 2021-February 2022: 559,094) and currently has a market share of 4.51% in the Indian two-wheeler market. Of the two sub-segments, Suzuki has a 13.45% share of the scooter market and 0.19% of the motorcycle market.
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