I&M Bank and DT Dobie Ink Deal on Asset Financing for Premium Clients
Nairobi, 8th October, 2018: DT Dobie Kenya and I&M Bank have entered into an asset financing deal targeting the Bank’s Premium customers and non-customers.
The deal will see the I&M Bank offer upto 90 percent financing for the motor company’s brand new Mercedes Passenger vehicles.
Under this financing agreement, customers will have an extended repayment period at competitive interest rates. In addition, the Bank through the Bancassurance arm, will provide an enriched comprehensive motor insurance package at a discounted premium rate.
The Bank will further provide discounted insurance premium financing (IPF) for this Asset Financing option, aimed at easing the burden to make lump sum insurance premium payments in affordable monthly installments.
Commenting on the partnership, Kihara Maina, CEO, I&M Bank Kenya noted, “At I&M Bank our objective through the Corporate Strategy, is to build a deeply customer- focused organization responsive to changing dynamics in the financial sector. We therefore continually innovate market-driven solutions that look to meet our clients’ financial and lifestyle requirements among them being competitive Asset Finance options.”
“I believe that this Asset Financing agreement with DT Dobie will enable the two organizations to draw strengths from each other in meeting premium customers’ dynamic needs,” he added
“By partnering with a strong financial partner like I&M Bank, we strive to make it easier for our customers to access asset financing to acquire high quality vehicles that are safe and reliable. We are confident that by partnering with I&M Bank we will be able to have access to wider customer base,” Ian Middleton, Managing Director DT Dobie noted.
DT Dobie is the authorized dealer in Volkswagen, Mercedes-Benz passenger and commercial vehicles. DT Dobie is also the authorised dealer for Hyundai light trucks and the company offers sales and after sales support across 4 branches around the country.
I&M Bank offers a wide array Asset Finance solutions for motor vehicles, machinery and equipment at competitive interest rates, with quick turnaround time for financing requests and flexible repayment periods.
The Bank has laid out different initiatives aimed improving its loan book size and quality, and strategic partnerships like these with DT Dobie look to achieve this.
About I&M Bank Limited
I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.
I&M Bank is wholly owned by I&M Holdings Limited which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments.
For more information visit www.imbank.com.
About DT Dobie
Colonel David Dobie, a veteran of World War 2, started D.T Dobie in 1949.From humble beginnings, the company started out with the Mercedes-Benz franchise for East Africa which included both passenger and heavy commercial vehicles. Subsequently in 1964 our organization was awarded the sole franchise distributorship of Nissan passenger and light commercial vehicles in Kenya. The company was in the year 2000 acquired by CFAO, a French company that was then a wholly owned subsidiary of the Pinault Printemps-Redoute (PPR) group. In 2012 Toyota Tsusho Corporation (TTC) became the majority shareholder of CFAO after acquiring 97.81%.
In 2014 we were appointed the franchise dealers for VW passenger and light commercial vehicles. In 2016, DT Dobie was at the forefront of the restarted local assembly for passenger cars for the Kenyan Market with the Volkswagen Polo Vivo and in 2017, DT Dobie launched locally built Mercedes-Benz. In addition to Volkswagen and Mercedes-Benz, DT Dobie is also the authorized franchise holder for Hyundai light commercial trucks, which are also locally assembled at KVM. DT Dobie’s product portfolio ranges widely from affordable passenger cars, luxury cars, light trucks, Prime movers, pick-ups, and aftermarket products in the form of Motul oils and lubricants, Fulmen batteries and Valeo aftermarket parts. DT Dobie enjoys unmatched after sales service facilities and has an unrivalled service network consisting of branches in Mombasa, Nakuru and Kisumu with dealers and service centres countrywide.