Netherlands-based asset finance giant De Lage
Landen has further developed its Russian vendor finance offering
with CNH Global.
The two companies have entered into an
arrangement to offer retail finance options under the CNH Capital
brand to agriculture and construction
customers.
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In 2010 the Rabobank-owned lessor established
a vendor agreement with the CNH Group, a manufacturer of
agricultural and construction equipment majority owned by Fiat,
active across the Russian Federation.
The latest financing programme, which will be
operational from the start of 2012, will be run collaboratively
through CNH International and CNH-KAMAZ Commerce, subsidiaries of
CNH Global, and managed by an executive committee comprising equal
representation from De Lage Landen and CNH.
The deal will cover four of CNH’s brands: New
Holland Agriculture, New Holland Construction, Case IH and Case
Construction Equipment and will be run by a dedicated sales team
and offer customers structured finance packages from CNH
dealers.
De Lage Landen was keen to expand its asset
finance offering in Russia because of the extensive size of the
agricultural and construction equipment markets and the focus of
the Russian government on developing these industries as well as
the market position of the CNH brands, according to a statement
released by the company.
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By GlobalDataThe two companies first established a vendor
partnership in Poland in 2007 the success of which led to a move
into the Russian marketplace.
Frans Janssen, senior vice president of the
CEE region at De Lage Landen, said: “CNH is a key partner and we
expect continued success in the Russian market.
“While the vendor lease model is unique in
Russia, the completion of this agreement proves that our efforts
are working and vendors are seeing the benefit that partnership
financing can bring to their sales.”
Carlo Alberto Sisto, senior director trade
finance CNH International said the two companies’ relationship,
both in Poland and in the Russian Federation, had been extremely
positive for CNH and said he expects the new arrangement to be of
mutual benefit to both companies and their customers.
grant.collinson@vrlfinancialnews.com
