Tanzania distribution business forms strategic alliance with I&M Bank
May 12, 2016
Tata Africa Holdings (Tanzania), a subsidiary of Tata International, and I&M Bank (Tanzania) have entered into a strategic alliance to provide Tata vehicles at competitive pricing and interest rates, and provide credit to customers through asset finance. The memorandum of understanding was signed by Mr Naresh Leekha, Regional Head – Auto, East Africa, Tata Africa Holdings, and Mr Baseer Mohammed, CEO, I&M Bank (Tanzania), on May 3, 2016, in the presence of Mr NN Tata, Managing Director, Tata International. Also present from the Tata International team were Mr Behram Sabawala, CFO, Distribution, Mr Niraj Srivastava, Head, Auto Distribution, and Mr Prashant Shukla, Head, Auto Distribution, Tanzania.
Mr Leekha said that the increased access to finance would help Tanzanian entrepreneurs in acquiring new, quality products and help improve transportation in the country. Mr Mohammed stated that this strategic alliance would strengthen the existing group relationship with Tata Africa Holdings Tanzania and help in providing access to finance to the growing sector of small and medium enterprises and mid-corporates, thereby facilitating economic growth in the country.