Stanbic IBTC Bank partners Globe Motors on vehicle acquisition

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, in partnership with Globe Motors and Hyundai, has announced a promo that would see the bank financing the acquisition of Hyundai range of vehicles from Globe Motors by interested customers. During the promo, which is expected to run for an initial period of three months, customers who wish to take advantage of the opportunity will enjoy financing at highly competitive rates and flexible repayment terms, the bank says.

This partnership, according to Stanbic IBTC Bank, will enable salaried customers, self-employed and corporate organisations who have accounts with the bank to buy vehicles from Globe Motors and pay over a period between 12 months and 4 years. Non-Stanbic IBTC customers, who are salaried, can also benefit from this initiative by transferring their salary accounts to Stanbic IBTC Bank.

The scheme also offers such added benefits as highly discounted insurance premium through Stanbic IBTC Insurance Brokers, competitive vehicle prices, reduced interest rates, maintenance service support, and a three-year vehicle warranty.

Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said the partnership is underpinned by the growing need to lessen the financial burden of car acquisition for Nigerians. He noted that convenience and accessibility to financial services is important to Stanbic IBTC Bank and assured that the bank would continue to review and identify opportunities to make customers’ lives easier.

He stated, “This partnership is another bold move by Stanbic IBTC Bank towards aligning our products and services with evolving customer needs and lifestyles. In addition to bringing affordable banking services to more customers, the uniqueness this partnership offers to facilitating the greater ease of owning a new vehicle without over-burdening one’s finances emphasizes the significant step that strengthens our customer value proposition, and reinforces our commitment to making our customers lives much easier.”

On his part, the Managing Director, Globe Motors, Victor Oguamalam, stated that Stanbic IBTC Bank’s reputation as a pace-setter with strict adherence to global best practice and international network sets it aside as a natural choice for the partnership. He said that the bank’s qualities of innovation and its market position as a leading financial services provider in the country are some of the many reasons why Globe Motors entered into partnership with it.

“This strategic alliance between Globe Motors and Stanbic IBTC Bank is one we are honoured to enter into. Both brands are customer-centric, have strong operational values for partnership, growth and sustainability and both are leaders in their industries,” Oguamalam said.

The values that Stanbic IBTC brings to the table are easy access to finance, expertise, and convenience, while the value proposition of Globe Motors include vehicle safety, better road handling, competitive pricing, modern and efficient vehicles and the most affordable after-sales services, Oguamalam added. “Enabling this partnership is part of our strategy of looking for innovative and productive ways to add value to our customers, while achieving business growth. It will enable our customers buy their dream cars without having sleepless nights,” the Globe Motors MD stated.

Head, Vehicle and Asset Finance, Stanbic IBTC Bank, Ifeanyi Ogbor, who spoke at the launch, said the promo is open to all Stanbic IBTC Bank customers and other interested Nigerians. Giving the details of the promo, Ogbor said an interested customer will be required to pay at least 10% equity contribution and that repayment period is a maximum of four years. He said, “Interested customers will have access to vehicles of their choice at a competitive rate and convenient payment terms and this gives us comfort because Stanbic IBTC can relate with the emotion buying a new car evokes.”

Stanbic IBTC Bank is a member of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 153 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.