Srei Equipment, UCO Bank enter pact for joint loans

Kolkata, Feb 18 () Srei Equipment Finance Ltd hasentered into a pact with state-owned UCO Bank to offer jointloans for purchase of construction, mining, farm and medicalequipment.

iQuippo, a Kanoria Foundation initiative, willfacilitate sourcing of loans under this programme, a companystatement said on Tuesday.

The partnership will allow Srei Equipment Finance -- awholly-owned subsidiary of Srei Infrastructure Finance Ltd --and UCO Bank to collaborate, co-operate and widen theirrespective markets and customer base, it said.

The strategic alliance will also allow both lenders toleverage each other's customers and cross-sell their products.

"UCO Bank's strong track record and wide reach,especially in eastern India, makes us confident about thesuccess of this programme," said Sunil Kanoria, vice-chairman,Srei.

The alliance will also help in fulfilling thegovernment's vision of making credit available to MSME andretail customers in the infrastructure space at an affordablecost, he said. DCRBT RBT