Ashok Leyland signs MoU with Corp Bank

Hinduja group flagship company Ashok Leyland today signed a MoU with Corporation Bank to provide retail financing for Ashok Leyland's commercial vehicle customers.

This tie-up enables Ashok Leyland to leverage the extensive branch network and customer reach of Corporation Bank to the mutual benefit of both the Organisations, a company release here said.

"In the current scenario, we expect Public Sector Banks to provide the most cost effective funding solutions to our customers," Ashok Leyland Chief Financial Officer K Sridharan said.

In handling the retail portfolio, Corporation Bank Deputy  General Manager B N Shenoy said the Bank's Retail Hubs situated in various Centres were fully geared to provide quicker decision support.

He said the Bank currently has an aggregate portfolio of Rs 729 crore under Vehicle Financing.

Ashok Leyland had similar agreement with State Bank of India, State Bank of Patiala and Jammu and Kashmir Bank, the release added.