LG Electronics India, a consumer durable major in India, has entered into a Memorandum of Understanding (MoU)with Bank of Baroda, India’s second largest public sector bank to commemorate the ongoing business partnership on bank’s 112th Foundation Day.
The MoU was signed by P S Jayakumar, MD&CEO, Bank of Baroda and Soo Cheol Kim, CFO, LG Electronics India Pvt Ltd.
Two organisations have agreed to work on multiple business propositions like Channel Financing through LG’s Dealer and Sub-dealer Distribution, Cash Management Services, Affordability solutions around Debit/Credit Cards-based EMI, Employee Promotion Program along with B2B propositions including offering bank’s Retail Loan Products (Home Loan, Auto Loan etc.) along with Group Insurance products to LG Employees and offering LG Products (ACs, Microwave, Refrigerator, Water Purifier etc.) to BoB employees at discounted rates, including cashbacks.
P.S. Jayakumar, MD & CEO, Bank of Baroda said, “We are committed to work jointly with LG to leverage the synergy between two organisations, synergising business growth, productivity & profitability for both the organisations. The comprehensive partnership with leading organisation like LG will help us forge deep B2B relationships. This 360 degree tie up will bring an immense value to our customers by improving process efficiency, reducing overall cost and rolling out innovative products and expedite service delivery.
Soo Cheol Kim, CFO, LG Electronics India said,“ We always believe in innovation and giving differentiated products & services to our consumer and business partners. The collaboration with Bank of Baroda is going to be Win-Win proposition for LG & Bank Of Baroda in terms of new business expansion. This strategic partnership will provide our consumers exciting & differentiated finance offers, easy loan options to our channel partners. It will also provide opportunity to employees of both the organization to leverage LG Electronics & Bank of Baroda’s product & services with special offers“.