I&M Bank and MHH International seal deal on Asset Finance for Premium Vehicles Imports
I&M Bank and MHH International seal deal on Asset Finance for Premium Vehicles Imports
Nairobi 18th, March, 2019: I&M Bank has announced a partnership with MHH International to offer customers a convenient and safe way to import high end vehicles from the UK, Australia and Japan.
MHH International is a UK based company, with an agent and office in Nairobi, involved in the business of sourcing and shipping of high range motor vehicles from UK, Australia and Japan.
The partnership will see the Bank provide upto 80 percent Asset Financing to its new and existing Premium, Business and Corporate customers to import high quality vehicles from the UK, Australia and Japan.
Under this financing agreement, customers will enjoy a safe and reliable platform for direct vehicle importation at competitive finance terms. 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 competitive rates under insurance premium financing (IPF) for this Asset Financing option, aimed at easing the burden to make lump sum insurance premium payments in affordable monthly instalments.
Commenting on the partnership, Kihara Maina, CEO, I&M Bank Limited noted, “At I&M Bank we appreciate that in Kenya, the demand for reliable and high quality vehicles has grown exponentially. By being a deeply customer- focused organization responsive to changing dynamics in the industry, we have committed to continually innovate market-driven solutions that look to meet our clients’ financial and lifestyle requirements, among them being competitive Asset Finance options.”
“This strategic tie up will further serve to 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 Corporate, Business and Premium Banking segments, by which the Bank plans to take full advantage of to grow its market share,” Kihara added
Upon receipt of customer enquiry and loan approval by the Bank, MHH International will handle the vehicle sourcing within the UK, Australia and Japan markets and arrange shipment into Kenya, fully clearing and registering the vehicle before handover to the customer. A three month warranty is given on all vehicle as added assurance to the customer.
Through this partnership, customers will have a wider choice of vehicles to purchase from and will be assured of safety and quality inspection derived from Pre-export inspections and verifiable mileage.
Speaking during the Signing Ceremony, Mr. Alistair Benn, CEO, MHH International Limited, commented, “We help our clients find the car they dream of and import to them with ease. They are no longer restricted to buying the car they can see locally. With us, they can choose from hundreds of thousands of cars worldwide, all with verified mileage and prepared to showroom standard. They can confidently avoid the pitfalls of importing by letting us take care of every detail so they can relax and look forward to their first drive home. Asset finance for import cars means makes importing more affordable so clients can pay off their loan gradually whilst enjoying the car they have dreamt of.”
“We are very proud to partner with I&M Bank in Kenya and are delighted to help the Bank’s customers find and import their next car. Through this partnership, we are committed to improving the quality and reliability of imported vehicles in a safe and accessible way,” he concluded.
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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.
About MHH International Ltd
MHH International Ltd is the leading importer for luxury import cars to Kenya. Specialising in importing right-hand drive luxury and high-quality cars from the UK, Japan and Australia. MHH International have imported over 1,500 cars since 2009. Based in the UK MHH International also have an office and a team in Nairobi dedicated to delivering a local sales and customer service.
MHH International is proud to be the only UK importer authorised to supply cars from the UK and Japan by leading Kenyan banks. Exceptional quality and outstanding service are the corner stones of the business giving clients across the world the confidence to buy their dream car and import it professionally.
