Businesses & Financial News

Kenya’s Stanbic bank in financing deal with Inchcape

Stanbic Bank Kenya and Inchcape Kenya have entered into a partnership that will see customers get up to 100 percent financing to acquire BMW, Jaguar and Land Rover vehicles.

Under the partnership, clients will get competitive financing which will be instrumental in enabling them to acquire quality financing.

Stanbic Bank Kenya will offer a five-year repayment period and a grace period of up to 45 days while Inchcape Kenya will offer a five-year warranty period alongside one-year comprehensive insurance and free GardX ceramic coating to the clients.

Every unit bought under the scheme will consist of complementary interior and exterior Gard X protection which ensures the vehicle maintains its showroom luster for years while protecting the interior from spills and damage.

The bank’s Chief Financial & Value Officer, Abraham Ongenge said: “By partnering with Inchcape Kenya, Stanbic Bank hopes to cater to its established and upward mobile clientele who are looking to get quality new vehicles but may not have the full amount upfront to acquire the assets.

By providing competitive financing packages to this segment of the market, we enable them to employ their capital towards growing the economy.”

Stanbic Bank has been leading in providing tailor-made financing solutions to their clientele which has enabled a considerable number of their clients to grow their businesses and acquire useful assets. This also ties with the bank’s purpose which is to drive Kenya’s growth.

Inchcape Kenya’s Managing Director, Mr. Hussein Ibrahim noted that the financing package was timely as most businesses were on the recovery path after a challenging phase brought about by the extended pandemic period.

The financing, he added, would enable the business owners to channel their funds towards their businesses.

“Inchcape’s mission is to be the most trusted automotive distributor in the world. In Kenya, we are the home of luxury brands and this partnership with Stanbic Bank will enable us to get the quality brands to a wider audience.”

Inchcape Kenya which started its operations in Kenya in 2018 as Jaguar Land Rover dealers currently also deal in BMW vehicles and BMW Motor.

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