MoU between Daimler India and Tamilnad Mercantile Bank

Chennai: Southern India BharatBenz customers will benefit from Tamilnad Mercantile Bank’s vehicle finance schemes.

Daimler India Commercial Vehicles (DICV) has signed a MoU with Tamilnad Mercantile Bank (TMB) to offer finance packages to BharatBenz truck and bus customers pan India.

H.S Upendra Kamath, MD and CEO of Tamilnad Mercantile Bank and Arghadip Roy, Deputy General Manager and National Head- Retail and Channel Finance, DICV and Prabudass Ealumalai, Senior Manager, Retail Finance South, DICV signed the agreement.

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Daimler is using the potential of Indian commercial vehicle market to grow.

Erich Nesselhauf, Managing Director and CEO, Daimler India Commercial Vehicles says the move strengthens BharatBenz’ presence in Southern India. Tamilnad Mercantile Bank has a strong footprint in the region with 80 percent of TMB branches located in semi-urban and rural areas.

Tamilnad Mercantile Bank has a strong presence and wide distribution network in Tamil Nadu through which it can reach out to semi-urban and rural areas to leverage the bank and DICV’s strengths through this collaborative association.

Tamilnad Mercantile Bank was founded in Tuticorin in 1920. Of 452 branches, 414 branches are located at rural, semi urban and urban (non-metro) centers.