Cholamandalam Investment Company has inked a partnership with private sector Karur Vysya Bank for co-lending business, eyeing to garner a larger market share across segments, the companies said on Thursday. The co-lending business was a great opportunity for banks and non-banking finance companies to draw upon the strength of each other.

A report states, this partnership would significantly help Cholamandalam and Karur Vysya Bank to expand their reach to new customer segments across the whole country.

Executive Director of Cholamandalam Investment and Finance Company, Ravindra Kundu states, "We strongly believe our co-lending partnership with KVB will help us garner market share across segments of customers due to our stronger presence throughout the country."

Ravindra added, “Co-lending is a new direction for Cholamandalam but we are confident that this will soon evolve into a very fruitful partnership model for both. The model not only allows the companies to scale their respective portfolio but also to use as an effective composite risk management framework that inculcates the risk appetites of both companies.”

Karur Vysya Bank President Natarajan J states, “The partnership would help the bank expand the commercial customer base and also provide upselling and cross selling opportunities.”

Cholamandalam Investment and Finance Company currently has 1,135 branches across the country and manages assets over 75,000 crore.