Car manufacturer Hyundai Motor India Ltd (HMIL) has signed a Memorandum of Understanding (MoU) with private lender ING Vysya Bank to mutually benefit both companies by better serving their customers. The MoU was signed by Director Marketing and Sales HMIL Mr Arvind Saxena and Country Head ING Vysya Bank India Mr Uday Sareen, on behalf of their respective organisations. ''We are pleased to announce this partnership with ING Vysya Bank, which is one of the prominent banks in the private sector in India. With this association, we will be able to reach out to a wider consumer base with better and easier finance options,'' Mr Saxena said in a statement released yesterday.

Under the agreement, both HMIL dealers and the bank branches will source Hyundai Motor India car loan business using their customer database. The tie-up will cover financing options by all the branches of the bank in India. Both the partners will utilise and leverage each other's strengths to cross sell Hyundai vehicles along with the bank's car loans and schemes, it added.