Media Release: 17th of March 2010
Volvo Financial Services and WesBank join forces
The country’s leading vehicle and asset finance company, WesBank, has established an alliance with Volvo Financial Services to launch a private label finance offering that supports Volvo Group finance activities in South Africa focusing on Commercial Vehicles
This comes after the Volvo Group identified the need for a local finance partner to support dealer and customer commercial vehicle sales activities in South Africa and after careful consideration identified WesBank as its partner of choice.
The local Volvo group companies Volvo Southern Africa, UD Trucks and Renault Trucks are all premium brands in the commercial vehicle industry.
Under the alliance, WesBank will through its specialized finance consultants provide Commercial Vehicle finance and related financial services products to prospective Nissan Diesel, Volvo Southern Africa and Renault Truck customers.
The signing of the agreement is further demonstration of the value WesBank places on working with leaders in the motor industry.
“To stay relevant and accessible to our customers in the current economic climate remains a challenge. However, through our successful partnership strategy with leading South-African motor manufacturers, we continue to provide a sustainable value proposition to our customers. The new alliance with Volvo Financial Services therefore complements our partnership model and is an unique growth opportunity for both our businesses”, says Chris de Kock, Executive Head of Sales and Marketing at WesBank.
Carl Hornestam, President of Volvo Financial Services in Latin America and Volvo Financial Services project lead for the South Africa alliance, comments “We look forward to supporting the growth of this offering - and the Volvo Group product companies, dealer networks and WesBank in this important market. The ability to provide financial services in South Africa further enables each Volvo Group product company to offer a total transportation solution to our customers.”
Volvo Financial Services, Global, is the finance arm of the Volvo Group, one of the world's leading manufacturers of trucks, as well as construction equipment, buses and drive systems for marine and industrial applications, aerospace components and services.
Volvo Group boiler plate:
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services, and is one of the world's leading producers of heavy-diesel engines (9-18 liter). The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 100,000 people, has production facilities in 19 countries and sells their products in more than 180 markets. Volvo Group sales for 2008 amounted to over 46 BUSD. The Volvo Group is a publicly-held company headquartered in Gothenburg, Sweden. Volvo Shares are listed on Nasdaq OMX Nordic Exchange.
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WesBank is a division of FirstRand Bank Limited. Authorised Financial Services and Credit Providers (NCRCP20).
Issued by:
Loura Brown
WesBank
011 649 5298
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