Rand Merchant Bank, RMB, has announced its partnership with Tata International’s Africa business, Alliance Finance (AFCL) to provide finance solutions for customers to acquire vehicles in Africa.
RMB, the corporate and investment arm of FirstRand Group of which First National Bank is a subsidiary, structured the strategic financing solution to empower AFCL’s credit offerings. After engaging with multiple stakeholders to ensure the structuring was delivered in line with the requirements, the transaction was piloted by RMB in South Africa in March 2024. The funding solution aims to help accelerate AFCL’s Africa region portfolio and asset growth plans while improving the quality of life of the people.
The distribution and sale of commercial vehicles forms a significant component of the Indian multinational corporation Tata International’s Africa business. “Africa is a strong focus area for Tata International, not only because of the closeness and growth of Indo-Africa ties but also because of the company’s ethos of contributing to the growth and improvement of the overall ecosystem in which we operate,” said Lalit Kasliwal, Chief Financial Officer, at Tata International.
Commenting on the deal, Sylvia Inkoom, the Executive Director and Head of Corporate and Investment Banking at First National Bank congratulated the RMB and Tata AFCL teams for achieving this. ‘This is a testament of RMB’s dedicated presence in Africa borne out of a seamless collaboration through the cross-border transaction. I believe that this deal will deliver significant benefits for all of AFCL’s stakeholders and will result in a uniquely positioned business poised for further growth in the region’, Sylvia concluded.
Source: Norvanreports