CMC MOTORS GROUP AND STANBIC BANK PARTNER TO LAUNCH FORD FINANCE

Nairobi, 15th March, 2022: CMC Motors Group has entered a partnership with Stanbic Bank to launch Ford Finance, a first of its kind joint venture between a vehicle dealership and financial partner in the country aimed at enabling clients to access competitive and flexible financing solutions for Ford vehicles in Kenya.

The partnership has seen the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa, come together to enable clients within Kenya to afford new Ford units. Speaking at the launch of the Partnership, CMC Motors Group CEO, Mr. Alan Crossan said, “This Initiative comes at a good time when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic on the economy. This will be a sigh of relief as the facility will enable customers to enjoy interest rates as low as 10.71% and comfortable repayment tenures of up to 60 months with no collateral required to access the asset.’’

During the Launch the Head of Business and Commercial Clients, Florence Wanja said, “We are proud to be associated with the Ford brand and CMC Motors group with whom, we believe, we can enable Kenyans to acquire brand new vehicles at affordable pricing and with flexible financing options. This partnership will be important in enabling our clients gain access to new units that will give them service for longer with less downtime and thereby increasing productivity.”

The partnership that was kickstarted today will see customers access financing for Ford units and enjoy interest rates as low as 10.71% on reducing balance basis for up to a period of 60 months. Client will also access insurance financing through Stanbic Bank’s unique bundled product that enables clients to spread their insurance cover over the full tenure of the vehicle finance. This is intended to give the clients lower monthly loan repayment amounts making brand new units affordable to them.

The CMC Motors group was, in 2014, acquired by the Al Futtaim Group, the leading automotive conglomerate based in Dubai, and is the authorized Ford dealer in Kenya. The Ford Motor Company, through CMC Motors, will offer reduced pricing for their Ford units to make the proposition even more attractive to their clients.

Stanbic Bank Kenya will be looking to assist its clients to get their businesses back on track in keeping with their brand promise, Kenya is our home, we drive her growth. The bank intends that this strategic partnership will empower businesses to achieve their intended goals through availing assets that are necessary to the implementation of their business plans.

About CMC Motors Group

CMC Motors Group Limited is the leading agricultural solutions provider of choice. With the exclusive distribution of New Holland Tractors, FieldKing Farm Implements, Nardi Farm Implements and Hero motorbikes from the world's largest motorcycle manufacturer, Hero MotorCorp.

CMC Motors Group Limited has seven branches countrywide and six Divisions at Head Quarters in Nairobi. With its two sister companies in both Uganda and Tanzania.

About Stanbic Bank Kenya

Stanbic Bank Kenya is a member of the Standard Bank Group, Africa’s largest bank by assets.

Standard Bank Group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. Standard Bank Group has direct, on-the-ground representation in 20 African countries.

Stanbic Bank Kenya provides the full spectrum of financial services. Its Wholesale division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Wholesale delivers this comprehensive range of products and services relating to investment banking; global markets; and global transactional products and services.

Stanbic Bank’s Wholesale banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in oil, gas and renewables; power and infrastructure and agriculture.

With regard to Business and Commercial unit, Stanbic Bank Kenya offers banking and other financial services to medium-sized enterprises and high value small businesses. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.

Stanbic Bank also offers Wealth services and product offerings, including insurance, investment, fiduciary, bespoke banking and multi-generational wealth preservation solutions to high-net-worth individuals, retail, business, commercial, and corporate clients across the Bank’s footprint. Stanbic Bank believes in partnering with their clients so that they can move forward. These partnerships are important in understanding the clients’ needs which the bank in partnership with the client seeks to find the right and relevant solutions.