DT Dobie and Co-operative Bank have established a strategic partnership that will allow institutions to purchase or lease Mercedes-Benz buses. It is reported that the partnership is worth Sh 1 billion.
Customers eligible for the new scheme will be allowed to purchase buses with financing up to 95 percent, or they can acquire additional units through 100 percent leasing. The leasing will be for an extended period of up to 60 months.
Co-operative Bank, Director of Corporate and Institutional Banking, Jacquelyne Waithaka, told a local media, “The bank has made the terms flexible to accommodate MSMEs, Co-operatives, Corporates, Individuals and Farmers, to support them retool their businesses as the economy re-opens.”
The Mercedes-Benz buses are NTSA-approved. These buses are buit with an optimised engine to save fuel. They also ensure longer service intervals during downtime.
A few weeks ago, Co-operative Bank was engaging in acquisition talks with a US private equity firm. The bank has 3.3 million personal customers, 85,000 business clients and 50 branches across the UK. Currently, the lender is owned by a group of US hedge funds, including Silver Point Capital, GoldenTree, Anchorage Capital, Blue Mountain and Cyrus Capital, media reports said. Even fund manager Invesco is part of that group.