Car maker General Motors CIS, a division of the US auto giant, has partnered with Alfa-Bank to sell GM vehicles on credit by official GM dealers throughout Russia.
Located in Moscow, GM CIS selected Alfa-Bank to represent the GM Finance program for its client-oriented services, advanced technology and ability to cover Russia for the GM dealership network.
The program is designed to provide competitive lending terms and conditions, rapid and high-quality service, and convenient and prompt provision of loans. The two parties are also collaborating to maintain the GM Finance special programs and promotional campaigns throughout Russia.
Commenting on the partnership, Jacek Gorsky, commercial director of General Motors CIS stated: General Motors CIS, whose market share has grown significantly and whose brand Chevrolet is the number one automobile brand in Russia, was looking for a partner that will support its efforts to strengthen leading positions on the market by means of a strong retail lending program.
Alfa-Bank’s auto lending portfolio has already risen to over $120 million, and the bank intends to increase this to over $500 million in 2007 to hold a 20% share of the Russian auto lending market.