Karnataka Bank partners with SCHWING Stetter India; stock rises

4 Aug 2022 , 10:48 AM

Karnataka Bank Limited announced that it signed a Memorandum of Understanding (MOU) with SCHWING Stetter India Pvt Ltd, one of India’s major construction equipment manufacturers.

The company has collaborated with SCHWING Stetter to broaden its MSME financing prospects.

Under this collaboration, both partners will be able to provide consumers with customized financial solutions.

With this development, the bank will be designated as a financial partner and will be able to meet the needs of its customers by providing competitively priced loans to purchase a vast range of construction equipment.

Bank’s Managing Director & CEO expressed that with its focus on credit expansion, the bank is paving the way for funding MSMEs. He further stated that the bank is delighted to sign this agreement with SCHWING Stetter, which has similar principles of excellence, integrity, and long-term development as that of the bank.

At around 10.51 AM, Karnataka Bank was trading at Rs72.20 up by 0.49% from its previous closing of Rs71.85 on the BSE. The scrip opened at Rs72.50 and has touched intraday high and low of Rs73 and Rs71.90 respectively.