(Photo: L-R: Trade Finance Manager, Mantrac Group, Ms. Neimat El Magraby; Head, Global Markets, Stanbic IBTC Bank, Mr. Sola Adegbesan and Managing Director, Mantrac Nigeria, Mr. Edmund Martin Lawson at a press conference to mark the formal launch of the collaboration between Stanbic IBTC Bank and CAT Financial Services on Tuesday, February 5, 2013.)
Caterpillar Financial Services Limited and Stanbic IBTC Bank officially launched their collaboration agreement in Lagos recently.
Caterpillar Financial Services Limited, Dubai, is an indirect subsidiary of Caterpillar Incorporation and a wholly owned subsidiary of Caterpillar Financial Services Corporation, the largest financier of CAT machines worldwide; while Stanbic IBTC Bank is a member of Standard Bank Group, which is Africa’s largest banking group by assets and earnings
with a banking presence in 18 African countries.
The collaboration is expected to provide a range of financial services to the Mantrac Unatrac Group of Caterpillar dealerships in Nigeria, Ghana, Kenya, Tanzania, Uganda and Sierra Leone.
Operations have already been successfully launched in Ghana, Tanzania and Kenya with plans to extend to the Uganda and Sierra Leone over a period of time.
Yinka Sanni, CEO Stanbic IBTC Bank, welcomed the collaboration saying 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 was an optimal time for Stanbic IBTC to provide the on-the-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,” said Mr. Sanni.
Kent Adams, President of CAT Financial and Vice President of Caterpillar Inc., said, “The combination of the globally recognised CAT Financial brand with Standard Bank Group, which is a well respected and trusted financial institution within Africa, and its Nigerian operation Stanbic IBTC, creates a powerful competitive advantage for our dealer networks to enable them to obtain financing for their customers and enhance their sale of equipment.”
Mr. Adams said that there was a good cultural fit between CAT Financial and Stanbic IBTC Bank, which would ensure a uniform customer experience.
CAT Financial’s official distributor, Mantrac Unatrac Group, lauded the collaboration with Loutfy Mansour, CEO of Mantrac Unatrac Group saying, “We are pleased to be part of this collaboration with CAT Financial and Standard Bank and Stanbic IBTC 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. This collaboration will make this possible for our clients, thus entrenching our position as the first choice distributor of CAT equipment in African region.”
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.