Honda Malaysia Sdn Bhd has shook hands with Maybank over an agreement to better integrate each other’s operations to combine automotive manufacturing and sales with a comprehensive range of financial services.
With the aim of enhancing operational efficiencies for Honda dealers, service centres and - most importantly - customers, Maybank divulged details of the newly inked deal on Monday, May 11 that would cover manufacturing, distribution, retailing, and after sales services for its Malaysian dealers and customers, offering the gamut of expertise from Maybank’s financial solutions portfolio such as stocking financing, hire purchase, credit card merchants, cash management, distributor-supplier financing packages and their proprietary MaxiPlan.
The joint-effort would relieve dealers of the tedium involved with having to deal with arranging and monitoring financing to get to the customers so that they can focus on developing their business and increase sales.
“Maybank will also provide clients of Honda Malaysia with access to personal and business insurance coverage as well as online banking services,” Maybank said.
Hamirullah Boorhan, Maybank’s head of community financial services said that the move was spurred on by a growth of 10.3 percent in its automobile financing franchise industry compared to a mere 4.4 percent the year prior.
“This has been achieved by maintaining superior asset quality with our impaired loans ratio being the lowest in the industry,” Hamirullah continued.
Maybank is also already the leader in floor stocking financing in Malaysia. These realizations opened the bank’s eyes to the opportunity to become the leader automotive financier in Malaysia as well. And with its partnership with Honda inked, more automakers might decide to have partnership with its own choice of bank to provide the financial backbone necessary to have its focus fixed on selling cars and serving individual customers.