Woori Financial Capital Signs Strategic Business Agreement with Tata Daewoo Commercial Vehicle

Providing 'The Ssen Financial Service' to Tata Daewoo Commercial Vehicle Buyers
Plan to Expand Commercial Vehicle Finance Share to 20% This Year

Woori Financial Capital signed a strategic business partnership agreement with Tata Daewoo Commercial Vehicle and Tata Daewoo Commercial Vehicle Sales on the 14th at the Gunsan factory.
Park Kyung-hoon, President of Woori Financial Capital, Kim Bang-shin, President of Tata Daewoo Commercial Vehicle, and Kim Jung-woo, CEO of Tata Daewoo Commercial Vehicle Sales (from left), are posing for a commemorative photo after signing the business agreement. (Photo by Woori Financial Capital)

[Asia Economy Reporter Ki Ha-young] Woori Financial Capital announced on the 17th that it has signed a business partnership agreement (MOU) with Tata Daewoo Commercial Vehicle to launch the financial product 'The CEN Financial Service.'

The MOU signing ceremony held on the 14th at the headquarters of Tata Daewoo Commercial Vehicle in Gunsan, Jeollabuk-do, was attended by key officials from both companies, including Park Kyung-hoon, President of Woori Financial Capital, Kim Bang-shin, President of Tata Daewoo Commercial Vehicle, and Kim Jung-woo, CEO of Tata Daewoo Sales. Those present discussed customer-tailored financial product operation plans and also toured the vehicle production line site.

Woori Financial Capital plans to expand the proportion of total commercial vehicle financing to 20% by the end of this year through a strategic alliance with Tata Daewoo Commercial Vehicle. Additionally, it aims to provide products and services with competitive interest rates so that more than 50% of Tata Daewoo Commercial Vehicle customers can use The CEN Financial Service.

Park Kyung-hoon, President of Woori Financial Capital, said, "Through the business partnership with Tata Daewoo Commercial Vehicle, we will create a network base that can maximize mutual synergy in financial product sales and joint marketing," adding, "We plan to secure the best sales competitiveness in the commercial vehicle sector through continuous diversification of partnerships in the future."

Meanwhile, Tata Daewoo Commercial Vehicle is a specialized truck manufacturer in South Korea producing medium and large cargo trucks, tractors, dump trucks, mixers, and special-purpose trucks. It separated from Daewoo Motors in November 2002 and launched as Tata Daewoo after acquiring 100% of Daewoo Commercial Vehicle's shares in 2004. It records annual sales of around 650 billion KRW in over 90 countries worldwide, not only domestically.

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