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Standard Bank’s Group Vehicle and Asset Finance division has launched a new wholesale finance proposition that will offer original equipment manufacturers, distributors and their dealer-networks a single partner providing comprehensive vehicle and asset finance capabilities across the African continent.
“We have strategically identified this key component of the automotive and commercial value chain as a missing link, and the bank has invested in people, technology and the business to close this gap quickly,” said Simphiwe Nghona, group head of vehicle and asset finance at Standard Bank.
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The wholesale finance offering provides clients with a solution to cash flow constraints across the entire supply-demand ecosystem by enabling them to finance everything from floorplan inventory, specialised equipment, diagnostic tools, dealer management systems and parts.
It also offers the ability to simultaneously access trade finance capabilities while stock and other inventory can be collateralised by other moveable assets, offering a unique differentiation to the African vehicle and asset finance market.
“Wholesale Finance is specifically designed to help our clients grow their businesses across the continent through a flexible way of financing their assets across the entire automotive and commercial ecosystem,” said Ravi Naicker, head of Wholesale Finance at Standard Bank.
Standard Bank plans to roll out the Wholesale Finance proposition in as many as four African markets in 2019 and up to five more in 2020.
It also plans to expand its capabilities and offering during the course of the rollout in order to tailor it to the specific needs of its clients operating across the continent.