Stanbic, Mantrac Fund Caterpillar Dealerships

Alhassan Andani

Stanbic Bank Group and Caterpillar Financial Services of Dubai have entered into a collaboration that will see the latter providing a range of financial services to the Mantrac Unatrac Group of Caterpillar dealerships in Ghana, Nigeria, Kenya, Tanzania, Uganda and Sierra Leone.

Ben Kruger, Standard Bank Deputy Group Chief Executive, in a remark, welcomed the collaboration, saying it is supportive of Caterpillar Financial’s goal to increase its brand presence in Africa and grow business in Southern, Central and Western Africa.

“Operations have been successfully launched in Ghana, Nigeria and Kenya with Lenya and plans are afoot to extend it to other African countries over a period of time.

“We value our existing relationship with Cat Financial and their growth plans resonate well with our strategy. We believe that this relationship provides the platform to strengthen these ties and provide further services to other countries.”

According to him, with Africa’s natural resources expected to drive strong growth and attract investment in the energy, infrastructure development and agriculture sectors, it was proper that Standard Bank provided on-the-ground banking operations, staffed by expert teams which are familiar with local business conditions and regulations to deliver Cat Financial and its customers with the highest quality of service providing support to dealers.

“Our aim is to support the dealer network in the sale of high-quality construction equipment by providing a dedicated, professional and wide array of financial plans, flexible plans, flexible payment schedules and competitive rates,” Mr Kruger stated.

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