CNH CAPITAL EXPANDS IN SOUTH AFRICA
CNH International SA and New Holland Kobelco Construction Machinery S.p.A., subsidiaries of CNH Global N.V., a global leader in the agricultural and construction equipment businesses, have formed a retail financing alliance in South Africa with WesBank...
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JOHANNESBURG, South Africa -- (February 24, 2011) -- CNH International SA and New Holland Kobelco Construction Machinery S.p.A., subsidiaries of CNH Global N.V., a global leader in the agricultural and construction equipment businesses, have formed a retail financing alliance in South Africa with WesBank, the country’s leading vehicle and capital equipment finance company.
The new alliance will operate under the name “CNH Capital, a division of WesBank”, and will provide financial services for end-users in the South African market for the full range of CNH products branded New Holland Agriculture, New Holland Construction, Case IH and Case Construction Equipment.
Effective February 2011, all the brands and commercial activities of CNH in the country will be covered by the new financing agreement.
With the expected upturn in the market, the new agreement opens unique growth opportunities for both CNH and WesBank. The value proposition to potential customers will include the structuring of secure finance options tailored to meet their specific needs, using WesBank’s established expertise in the field.
"We continue to reap the benefits of our partnership strategy with leading original equipment manufacturers; the signing of this new finance alliance agreement with CNH is testimony to the value we place on partnering with industry leaders,” stated Chris de Kock, Executive Head of Sales and Marketing at WesBank.
As part of the new agreement, CNH increases the territorial coverage of its Financial Services division, an operation with nearly 50 years experience of the equipment finance industry in the global market place, and its commitment to the South African market with a dedicated sales team based in CNH International's Johannesburg office. Other initiatives will include the promotion of innovative points of sale and competitive financing programs to end-users.
“We are pleased that WesBank is now representing our Financial Services division, under the CNH Capital brand name, in South Africa. Its reputation as a trusted partner and its local presence will be of mutual benefit for our companies and our customers,” said Carlo Sisto, CNH Global Trade Finance Director.
"This alliance aims to improve the level of satisfaction for our customers. It will contribute to enhance the competitiveness of our wide product offerings and the buying power of our customers by offering dedicated financial packages and options to better meet their business' needs," added Mario Gasparri, General Manager of CNH International.
New Holland Agriculture, Case IH and Case Construction branded equipment is distributed in the country through Invicta Holdings Ltd., while New Holland Construction machinery is sold by Eqstra Holdings Ltd.
With over 40 years of experience WesBank has become the leader in asset-based finance solutions in South Africa. The company is focused on providing quality asset finance and fleet management solutions for a number market sectors. Wesbank’s asset finance portfolio includes Aviation, Agriculture, Commercial and Company Vehicles, Plant and Office Equipment, Public Sector and Franchise finance solutions.
About CNH International
CNH International SA, a subsidiary of CNH Global NV, is the company responsible for the manufacture, sales, distribution and after sales operations of agricultural and construction branded equipment in over 120 countries throughout Africa, the Middle East, the Commonwealth of Independent States, Asia and Oceania, encompassing Australia, China and India. CNH International was established in 2007 to strengthen CNH’s brands focus in emerging and high-growth markets.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,600 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed at the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.