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I&M Bank Limited and Crown Motors Group Ink Deal on Asset Financing

28TH JUL 2021


Press Release

I&M Bank Limited and Crown Motors Group Ink Deal on Asset Financing

Nairobi 27th July, 2021: I&M Bank Limited and Crown Motors Group Ltd have

entered into a Vehicle Asset Financing partnership agreement where the Bank will

finance Crown Motors passenger cars and light commercial vehicles. The Nissan

product range includes the popular new Y62 Nissan Patrol, Xtrail, Urvans and Pick up

ranges and the soon to be introduced New Navara Range, Terra, Qashqai and

Magnite.

 

The partnership will see the Bank provide up to 100% Asset Financing to its

customers.

 

Under the agreement, customers will enjoy competitive interest rates at extended

repayment periods of up to 5 years. The Bank through the Bancassurance arm, will

also provide an enriched comprehensive motor insurance package at a discounted

premium rate through this Asset Finance option.

 

In addition, the Bank will provide insurance premium financing for this Asset

Financing agreement allowing customers to make premium payments in affordable

instalments. Customers will also enjoy a two-month repayment holiday under this

agreement.

 

Commenting on the partnership, Kihara Maina, CEO, I&M Bank Limited noted, “I&M

Bank’s corporate strategy focuses on driving business growth through diversification

of various revenue streams. Key among them is to grow the loan book quality and

portfolio by building quality interest earning assets with partnerships such as this.

The partnership with Crown Motors is most welcome as it aligns with our business

model.”

 

The Asset Financing agreement with Crown Motors is expected to complement I&M

Bank’s strategic lending initiatives for its Corporate, Business and Premium Banking

segments.

 

“Our clients financial and lifestyle requirements are ever-changing. As a financial

institution, we endeavour to anticipate these dynamic needs and innovate products

and services that are able to fulfil these needs. This strategic tie-up with Nissan

Kenya is crucial and quite timely, as it presents our potential and existing clients, a

wider choice of vehicles to purchase from where they will be assured of safety and

quality.” Mr. Maina concluded.

 

I&M Bank provides a robust Asset Finance offering for both business and private

assets for motor vehicles, machinery and equipment at competitive prices and are

quick and simple to apply for with flexible repayment options.

 

“With a network of over 22 accessible service outlets countrywide, we are committed

to serve you as our valued customers. The Nissan brand is well established in this

market and in the region being renowned for its toughness, durability and economic

cost of ownership”, said the Crown Motors Group Managing Director, Tony Voorhout.

 

“I believe that this asset financing agreement between the two organisations is sure

to give the consumer better value for money, especially in these very tough and

trying times; we are continuously striving to make it easier for Kenyans to have

access to asset financing to acquire top quality vehicles that are renowned for their

safety and reliability”, said Crown Motors Group’s National Sales Manager Maliha

Sheikh in a statement.

 

…. Ends…...

 

Notes to the Editor

 

About I&M Bank Limited

I&M Bank is a Tier 1 Kenyan commercial bank offering a full range of Corporate,

Business, Premium and Personal banking services.

 

Established in 1974, I&M Bank is wholly owned by I&M Group PLC which is listed on

the Nairobi Stock Exchange and has a growing regional presence currently extending

to Mauritius, Rwanda, Tanzania and Uganda. The Group lists CDC, which is a leading

European Development Financial Institutions amongst its main shareholders. I&M

prides itself on its strong values and key strengths of innovative service and strong

customer relationships. I&M Group aspires to be Eastern Africa’s Leading

Financial Partner of Growth through offering innovative and market driven

banking solutions for its target segments.

 

For more information visit www.imbank.com.

 

I&M Bank Media Contact

Suprio Sen Gupta

Group General Manager, Marketing

Ssengupta@imbank.co.ke

+ 254 719088204

 

About Crown Motors Group:

Crown Motors Group Limited trading under the name Nissan Kenya holds an

exclusive distribution agreement for the Nissan brand in Kenya. This includes the

sales and servicing of Nissan vehicles as well as spare parts. The company is owned

by Motus Africa, PTY LTD a subsidiary of the listed company Motus. Motus represents

several OEM’s and have numerous dealerships throughout Africa, the UK and

Australia. Crown Motors LTD started its operations in Kenya in July 2014 and since

then has opened branches in Mombasa and Kisumu.

 

For more information visit www.nissankenya.com.

 

Nissan Kenya Contact

Maliha Sheikh

National Sales Manager

MalihaS@nissankenya.com

+ 254 734 270230