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Bank announces Financial Results for quarter ended, 30th September 2024.
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20 Apr 2019
Srei Equipment Finance (SEFL) has entered into an alliance with Bank of Baroda to offer joint loans for infrastructure equipment under a co-lending arrangement.
The sourcing of loans under this programme would be facilitated by iQuippo, a Kanoria Foundation initiative. “The partnership will allow SEFL and Bank of Baroda to collaborate, co-operate, and widen their respective markets and customer base. The offerings would include both business to business (B2B) and business to customer (B2C) propositions,” said a press statement issued by SEFL.
The two partners will use the platform of iQuippo, a digital marketplace, for loan origination, dues collection, auction and valuation of equipment, and several other facilities provided by the platform. iQuippo has facilitated disbursement of loans worth more than $400 million to 70,000 customers through its platform.
SEFL and Bank of Baroda will jointly offer loans and other services for construction and mining equipment, tippers, IT and allied equipment, medical and allied equipment, and farm equipment.
“Bank of Baroda’s brand appeal and experience in customer services will be complemented by Srei’s knowledge, experience, and strong partnerships in the equipment finance space. The alliance will create value for both businesses and customers, and continue our leadership position in the equipment financing business,” said Sunil Kanoria, Vice-Chairman, Srei.
(“The Bank”) established on 20th July 1908 is a State-owned banking and financial services organisation, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 8,200+ branches, 10,000+ ATMs, 1,200+ self-service e-lobbies and 20,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 20 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. IndiaFirst Life Insurance Company Limited and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.
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