Stanbic, Mantrac Fund Caterpillar Dealerships

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Stanbic Bank Group and Caterpillar Financial Services of Dubai have entered into a collaboration that will see the latter providing a range of financial services to the Mantrac Unatrac Group of Caterpillar dealerships in Ghana, Nigeria, Kenya, Tanzania, Uganda and Sierra Leone.

Ben Kruger, Standard Bank Deputy Group Chief Executive, in a remark, welcomed the collaboration, saying it is supportive of Caterpillar Financial?s goal to increase its brand presence in Africa and grow business in Southern, Central and Western Africa.

?Operations have been successfully launched in Ghana, Nigeria and Kenya with Lenya and plans are afoot to extend it to other African countries over a period of time.

?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.?

According to him, with Africa?s natural resources expected to drive strong growth and attract investment in the energy, infrastructure development and agriculture sectors, it was proper that Standard Bank provided on-the-ground banking operations, staffed by expert teams which are familiar with local business conditions and regulations to deliver Cat Financial and its customers with the highest quality of service providing support to dealers.

?Our aim is to support the dealer network in the sale of high-quality construction equipment by providing a dedicated, professional and wide array of financial plans, flexible plans, flexible payment schedules and competitive rates,? Mr Kruger stated.

Kent Adams, president of Cat Financial and vice president of Caterpillar Incorporated commented: ?The combination or the globally recognized 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 obtain financing for their customers and enhance their sale of equipment.?

Mr Adams said there was a good cultural fit between Cat Financial and Standard bank, which would ensure a uniform customer experience.

Loutfy Mansour, CEO of Mantrac Unatrac Group, lauded the collaboration, saying ?We are pleased to be part of this collaboration with Cat Financial and Standard bank. Our customers not only want us to provide them with the right equipment, but also to be able to offer them integrated equipment purchasing solutions. Customers will enjoy a combination of unique Caterpillar marketing initiatives, deal structures and affordable financing oprions, together with a high level of flexibility.?

Bill Haxworth, Managing Director of Mantrac Ghana Limited, in a speech said, ?Ghana is developing at a fast rate in house building, road construction, port development, oil and gas development and gold mining expansion. It seems every sector of the economy is growing and most of these developments involve the use of construction machines, materials handling equipment and generating sets. Mantrac is ready and willing to support this ongoing process.?

 By Samuel Boadi

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