Under the deal local clients will get
loans from Dubai-based Caterpillar Financial Services Limited to buy the
expensive and original caterpillar machines. “This partnership will
enable us offer more flexible financing to meet our growing customer
needs,” said Mantrac Tanzania Limited Managing Director, Frederick
Aryeetey.
Mr Aryeetey said the deal will also
allow local clients to purchase used CAT equipment and enjoy a six-month
guarantee, the best and only one in the market so far. He said CAT
expects demand to continue growing as the country’s construction sector
booms.
“The market competition is growing fast
but with this arrangement between CAT and Stanbic, we will remain
competitive,” pointed out Mantrac Tanzania Limited MD.
Caterpillar
Financial Services Limited Managing Director for East Africa, Adel Selim
and Stanbic Bank Limited’s Head of Wealth, Lilian Kitomari said the
partnership will offer the best services to clients because of their
experience and knowledge of working in the country.
“Through this partnership, we can
provide the best financial services to our clients across the continent
because Stanbic Bank have presence in all parts of Africa,” said Mr
Selim who noted that similar deals have been crafted in Ghana, Kenya and
Uganda while Nigeria will follow suit.
Ms Kitomari promised clients the best
services, saying the bank has several years of the market experience,
“We at Stanbic Bank are happy to be associated with this partnership.”
Mantrac Tanzania Limited which is the
sole distributor of CAT equipment in the country, has branches in Mbeya,
Moshi, Mwanza and Tanga where both brand new and used heavy duty
construction, mining, power and drilling equipment are supplied. The
firm also leases equipment at a minimum of 900,000/- per month for a
minimum of one month.
Source: The Daily News, www.dailynews.co.tz, reported by Finnigan wa Simbeye in Dar es Salaam
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