Standard Bank and CATERPILLAR Financial Services (Dubai) Limited (Cat Financial) have agreed to provide a range of financial services to Caterpillar’s customers in six African countries, including Sierra Leone. The six African countries – Nigeria, Kenya, Uganda, Tanzania, Ghana, and Sierra Leone are serviced by the Mantrac Group of Cat dealerships and the services will be established first in Ghana and Nigeria, expanding to the other countries later.
“The combination of the Cat Financial brand with Standard Bank, which is a well respected and trusted financial institution within Africa, creates a powerful competitive advantage for our dealer networks to enable them obtain financing for their customers and enhance their sale of equipment” the President of Cat Financial and Vice President of Caterpillar Inc., Kent Adams, said in a statement. Standard Bank Deputy Group Chief Executive, Ben Kruger, said: “We value our existing relationship with Cat Financial and believe that this provides the platform to strengthen these ties and provide further services to other countries in Africa.”
“The initiative will be supported by Standard Bank’s Vehicle and Asset Finance division in South Africa,” he said. Cat Financial is an indirect subsidiary of Caterpillar Inc. and a wholly owned subsidiary of Caterpillar Financial Services Corporation, the financier of Cat machines worldwide.
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