Stanbic IBTC Bank and Caterpillar Financial Services has launched their collaboration agreement in Lagos.

The collaboration named Cat Financial Services, services provides by Stanbic IBTC Bank will see Cat Financial provide a range of financial services to the Mantrac Unatrac Group of Caterpillar dealership in Nigeria and other countries around the world.

The Chief Executive Officer of Stanbic IBTC Bank, speaking on the collaboration said it is supportive of Cat Financial's goal to increase its brand presence in Africa and grow business in southern, central and western Africa.

"We value our existing relationship with Cat Financial and their growth plans resonate well with our own strategy."

He added that as Nigeria's natural resources are expected to drive strong growth and attract investments in the energy, mining, infrastructure development and agriculture sectors, it is an optimal time for Stanbic IBTC to provide ground banking operations, staffed by expert teams familiar with local business conditions and regulations, to deliver Cat Financial and its customers with the highest quality of service, providing support to dealers and building long-term relationships.

"Our aim is to support the dealer network in the sale of high quality mining, construction, power systems and materials handling equipment by providing a dedicated, professional and wide array of financial plans, flexible payment schedules, and competitive rates," Sanni said.

Speaking in the same vein, the President of Cat Financial and Vice President of Caterpillar Inc., Mr. Kent Adams, said, the combination of the globally recognised Cat Financial brand with Standard Bank Group, creates a powerful competitive advantage for dealer networks to enable them to obtain financing for their customers and enhance their sale of equipment.

Adams also said that there was a good cultural fit between Cat Financial and Stanbic IBTC Bank, which would ensure a uniform customer experience.