I&M Bank Limited and Toyota Kenya in Asset Finance Deal
Nairobi, 16th November, 2020: I&M Bank Limited and Toyota Kenya have entered into an Asset Financing deal targeting the Bank’s premium and business customers, as well as potential customers.
The deal will see the Bank offer upto 90 percent financing for Toyota Kenya’s passenger and commercial vehicles including Hino trucks, Hilux single and double cabs, Land cruisers, Prados, Fortuners, Rush and Rav 4 vehicles among others. The scheme includes purchase of Toyota, Suzuki, Hino and Yamaha brands.
Under the agreement, customers will enjoy competitive interest rates at extended repayment periods of up to 5 years, and the benefit of making insurance premium payments in affordable monthly installments under the Insurance Premium Financing (IPF).
Commenting on the partnership, Kihara Maina, CEO, I&M Bank Limited noted, “The Premium and Business customers form a significant percentage of the Bank’s customer base. As a financial institution, through our Corporate Strategy we endeavor to provide market driven solutions to our customers. We therefore welcome this partnership with Toyota Kenya as it highlights our commitment to consistently deliver value added financing solutions to help meet our clients’ lifestyle and financing requirements.”
“Toyota Kenya has a strong heritage on provision of high-quality vehicles and motorcycles. I believe that by partnering with the motor company, our customers will enjoy the benefit of acquiring high quality private and commercial vehicles, assured of safety that also gives them value for their money.” Kihara Maina further noted.
On his part, Toyota Kenya Managing Director, Arvinder Reel said, “Our goal is to offer Kenyans an opportunity to acquire brand new vehicles that will deliver exceptional service for the passenger or commercial use, and this partnership with I&M Bank provides an avenue for consumers to make the purchase in affordable installments. Our brand portfolio under Toyota Kenya’s portfolio has been growing to include brands that are affordable, fuel efficient, competitively priced and a very strong Countrywide Aftersales branch network to provide total solution at our customers’ convenience.”
The strategic tie up with Toyota Kenya is expected to further 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 Business and Premium Banking segments, by which the Bank plans to take full advantage of to grow its market share.
I&M Bank offers a wide array of Asset Finance solutions for business and private assets for motor vehicles, machinery and equipment at competitive interest rates, with quick turnaround time for financing requests and flexible repayment periods.
About I&M Bank
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 PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. 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.
Toyota Kenya Limited
Toyota Kenya Limited is a subsidiary of CFAO Automotive, a division of the CFAO Group. CFAO Automotive distributes the Toyota brand in 34 East, West and Central African countries, as well as in the French overseas territories. Headquartered in Nairobi, Toyota Kenya is currently the sole distributor and service provider of Toyota, Yamaha motorcycles and Hino trucks in Kenya, and an appointed distributor of Suzuki brand. The company has a network of 31 branches, dealerships, and approved Toyota Service Centres across the country.
I&M Bank Media Contact
Suprio Sen Gupta Group GM, Products and Marketing
+ 254 719088204
Toyota Kenya Media Contact
Engage Burson Cohn & Wolfe