Bank of Baroda has entered into a Memorandum of Understanding (MoU) with LG Electronics India Pvt Ltd to commemorate the outgoing business partnership on Bank’s 112th Foundation Day. The MoU was signed by P. S. Jayakumar, MD & CEO, Bank of Baroda and SooCheol Kim,CFO, LG Electronics India Pvt Ltd, in presence of top Management of Bank of Baroda.
The organisations have agreed to work on multiple business propositions like Channel Financing through LG’s strong Dealer and Sub-dealer Distribution, Affordability solutions around Debit/Credit Cards-based EMI, leveraging bank’s 70 million+ debit cardholders. Other B2B propositions include Employee products to LG Employees and offering LG Products to BoB employees under a corporative tie-up. The partnership entails collaboration through LG’s extensive distribution network which generates more than 50% of its sales, along with Bank of Baroda’s strong customer base of 120 million+ customers.
P. S. Jayakumar, MD & CEO, Bank of Baroda said,‘We are committed to work jointly with LG to leverage the synergy between the two organisations, synergising business growth, productivity with a leading organisation like LG will help us forge deep B2B relationship. This 360-degree tie-up will bring immense value to our customers by improving process efficiency, reducing overall cost and rolling out innovative products, and expedite service delivery.’
SooCheol Kim, CFO, LG Electronics India Pvt Ltd said,‘We always believe in innovation and giving differentiated products & services to our consumer and business partners. The collaboration with Bank of Baroda is to be a Win-Win proposition for LG & Bank of Baroda in terms of new business expansion. This strategic partnership to our channel partners. It will also provide the opportunity to employees of both organizations to leverage LG Electronics & Bank of Baroda’s product & services with special offers.’ ―PSU Connect