CATERPILLAR Financial Services and Standard Bank Group have unveiled a new collaboration in Ghana, as the former aims to increase its brand presence in Africa.
Caterpillar Financial Services, an indirect subsidiary of Caterpillar Inc. and a wholly owned subsidiary of Caterpillar Financial Services Corporation, the largest financier of Cat machines worldwide, and Standard Bank, Africa's largest banking group, officially launched the collaboration agreement in Accra, yesterday.
The collaboration, named Cat Financial Services, Services Provided by Standard Bank Group - will see Cat Financial provide a range of financial services to the Mantrac Unatrac Group of Caterpillar dealerships in Ghana, Nigeria, Kenya, Tanzania, Uganda and Sierra Leone.
Mr. Ben Kruger, Standard Bank Deputy Group Chief Executive welcomed the collaboration saying it was supportive of Cat Financials goal to increase its brand presence in the continent.
"We value our existing relationship with Cat Financial and their growth plans resonate well with our strategy. We believe that this relationship provides the platform to strengthen these ties and provide further services to other countries in Africa," said.
Mr. Kruger added that as Africa's natural resources were expected to drive strong growth and attract investments in the energy, mining, infrastructure development and agriculture sectors, it was optimal for Standard Bank to provide the on-the-ground banking operations.
Mr. Kent Adams, president of Cat Financial and vice president of Caterpillar said "The combination of the globally recognised Cat Financial brand with Standard Bank, which is a well-respected and trusted financial institution within Africa, creates a powerful competitive advantage for our dealer networks to enable them to obtain financing for their customers and enhance their sale of equipment."
The benefits for customers will include a unique combination of Caterpillar marketing initiatives, deal structures and affordable financing options, together with a high level of flexibility.
A range of asset related financial products and value add-ons will be made available to customers, subject to the regulations in each country. The initial value add-on products will be comprehensive asset insurance and credit life.
The Managing Director of Standard Bank Ghana, Alhaji Alhassan Andani told journalists at a well-attended breakfast meeting that the collaboration would help bridge Ghana's infrastructural gap.
He added that the novelty collaboration would provide huge supports for companies and individuals in the construction, mining, and oil industries.
The Standard Bank CEO whose bank is celebrating its 150 years existence in Africa was delighted to say that the collaboration would go a long way to assist customers of the bank with the needed finances to execute their infrastructural projects in the West African country.