Private-sector lender IndusInd Bank and the country's second largest car maker, Hyundai Motor India, today signed a Memorandum of Understanding (MoU) to co- operate in retail financing of cars.

HMIL Senior Vice-President (Marketing and Sales), Arvind Saxena said: "We are glad to partner with IndusInd Bank as through this tie-up we will be able to introduce multiple customer centric initiatives for the benefit of the customers."

Hyundai has already joined hands with Punjab National Bank, Syndicate Bank and Corporation Bank to provide easy finance facilities to the customers.

IndusInd Bank, having 180 branches, spread across 147 locations in 28 states and UTs, is a leading bank in the country. It has 484 distribution outlets in different parts of the country with significant presence in metros and tyre-2 cities.

IndusInd Bank Executive Vice President (Customer Finance Division) S V Parthasarathy, said: "While Hyundai will get access to new markets and customers, IndusInd Bank will be able to offer finance options for a wide spectrum of passenger cars through its branches.

We will be positioning resource persons at all our branches for dealer coordination. This strategic alliance is a part of our expansion strategy in the consumer finance segment." The company sold 23,193 units in July, as compared to 15,066 units in the corresponding period last year.