Standard Bank, the parent company of Stanbic Bank Ghana, and Caterpillar Financial Services on Thursday sealed a landmark deal that will allow Stanbic to provide a range of financial services to Ghanaian customers.
The partnership will allow players in the mining, construction, oil and gas sectors of the economy easy access to finance to enable them procure equipment to speed up execution of projects.
The Cat Financial and Standard Bank Group asset finance will be launched in Nigeria, Kenya, Uganda, Tanzania, and Sierra Leone, which are countries covered by the Mantrac Group of Cat dealerships.
Mr Alhassan Adani, Chief Executive Officer, Stanbic Ghana, said the deal is one of its kind aimed to bridge the infrastructural gap and speed up Ghana's development.
Currently, demand for equipment financing stands at about million, Mr Andani said, adding that as Ghana marches on in its middle income status, strong infrastructural development holds the key.
Mr Ben Kruger, Deputy Group, Chief Executive Officer, Standard Bank Group said the strategic alliance creates a powerful competitive advantage for CAT's dealer network across Africa.
"We value our existing relationship with CAT Financial and their growth plans are resonate well with our strategy. We believe that the relationship provides the platform to strengthen these ties and provide further services to our countries in Africa,' he said.
Mr Kruger said growth prospects in Africa are positive and this is expected to be driven by the natural resources as well as investments in the energy, infrastructure development and agriculture sectors.
"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 payment schedules, and competitive rates," he said.
Mr Kent Adams, President of CAT Financial and Vice President of Caterpillar Incorporated said: "The combination of the globally recognised CAT Financial brand with Standard Bank, which is a well respected financial institution within Africa, will enhance the infrastructural development of the continent."
Mr Bill Haxworth, Managing Director, Mantrac Ghana, dealers in Caterpillar products in the country said the manufacturer backed finance scheme is a very important development for the Ghanaian market.
"This development moves the game on for customers by offering more flexible payment terms to our customers needs," he said.