‘Volvo Financial Services’ forays into India

Volvo India Pvt. Ltd. and Srei BNP Paribas have announced the formation of an alliance to launch a private label retail financing program branded as ‘Volvo Financial Services’ in India with immediate effect. This will strengthen the Volvo Group’s ability to provide full service financial solutions to Volvo Group customers in India and customers of its JV with Eicher Group, viz. VE Commercial Vehicles Ltd. (VECV). With the launch of the Volvo Financial Services offering, the Volvo Group will accelerate its business growth in India across all of its products by packaging its product offerings with financing through its alliance with Srei BNP Paribas. By engaging the two companies at the sales, marketing and operations levels, the alliance will allow both companies to address new growth opportunities by developing co-branded financing programs and services for customers of the Volvo Group and Srei BNP Paribas. Being a part of the Volvo Group, Volvo Financial Services in India is aimed at building a reputation for attractive customer financing services to the external and internal customers of the Volvo Group and VECV, Volvo Group’s brands include: Volvo Trucks, Volvo Construction Equipment and Volvo Buses and VECV’s brands include Eicher trucks and Eicher buses. Srei BNP Paribas is India’s largest construction equipment finance company and with this alliance, Volvo Financial Services will leverage Srei BNP Paribas’s expertise of over 22 years coupled with a network of 87 offices across India, strong underwriting capabilities and an asset base of over INR 12,000 crores to increase its penetration and give complete financing solutions to customers buying Volvo products in India. John Rakocy, President of Volvo Financial Services for Region Asia/Pacific comments, “After a comprehensive review process, we are excited to alliance with Srei BNP Paribas for Volvo Financial Services in India. The Volvo Group and its distributors will benefit from leveraging Srei’s expertise and financial capabilities in credit underwriting, funding, and sales and marketing effectiveness through a private label program under the Volvo Financial Services name. We look forward to continued growth within this key Asian market. D.K. Vyas, CEO, Srei BNP Paribas, said, “We have a partnership approach in all our businesses and we are happy to join hands with Volvo Financial Services, in their endeavor to provide financing solutions to Volvo Group customers. We have been financing Volvo Group products since their entry into the country but through this formal association, we will complement each other’s strength and further cement our relationship. Srei BNP Paribas’s dominant leadership in this business, consistency, innovative financing products, and its distribution should help the Volvo Group increase its market share and participate in the India growth story.”