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 installments. 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 serving 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 organizations 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.
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
+ 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
National Sales Manager
+ 254 734 270230