Standard Bank’s new vehicle finance chief, Simphiwe Nghona, begins catch-up mission
Standard Bank hopes to start making up lost ground among South African car buyers through its activities in sub-Saharan Africa, Simphiwe Nghona, its new head of vehicle and asset finance (VAF), said on Thursday. The bank used to be the main challenger to WesBank in providing vehicle finance to South Africans. But loss of focus has seen it slip to a distant fourth place, behind WesBank, Absa and Nedbank. Nghona reckons it now clings to about 12% of the market. It has negligible representation on vehicle dealership floors and, unlike the main competition, no finance joint ventures with major motor companies. However, Nghona said most joint ventures were limited to SA and VAF had begun seeking partnerships elsewhere. It had recently signed up with Ford Credit in Botswana, Namibia and Swaziland, and hoped to strike deals with other companies elsewhere. VAF is operating in 14 countries as it tracks its Standard Bank parent’s progress across Africa. "We intend to expand to more," said Ngh...
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