Yes Bank has signed a memorandum of understanding (MoU) with Kia Motors to provide to Kia car dealers financing and banking solutions such as term loans, cash credit and inventory funding.
According to the memorandum of understanding (MoU), the bank will also offer loans to the carmaker’s end customers. Kookhyun Shim, Kia Motors India Managing Director and Chief Executive Officer stated that the partnership with the bank will definitely set the benchmark of premium and hassle-free Kia experience.
Pralay Mondal, Yes Bank Senior Group President and Head (Retail and Business Banking) said, “the bank has been working with various auto players to provide innovative finance solutions, thereby further strengthening our position in the competitive value-driven car segment and also contributing to the growth of the segment in the country.”
Kia Motors is set to foray into the Indian car market by the second half of 2019 with their SUV SP-Concept. Yes Bank, beside this, will also work with Kia Motors to develop exclusive digital banking solutions in India.