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  • Thursday, August 31, 2000 1:35PM IST (8:05AM GMT)
Becomes a deemed public limited Company
New Delhi, Delhi, India: Associates India Financial Services announced the appointment of Mr Vishal Pandit as the new Managing Director. Mr Pandit, who prior to this assignment was the Country Manager –South Asia for Visa International, brings with him a wealth of experience in consumer and auto financial services. Some of his challenging assignments have been as General Manager-Business Development at GE and Chief Operating Officer-Maruti Countrywide Auto Financial Services, where he set up and launched the first captive auto finance company in India and managed the portfolio across the country. Mr Pandit has also served as the Chief Executive Officer of GE SBI Cards and Payments Services ltd. During this tenure, he set up and launched the SBI credit card operations in India.

"The Indian financial sector is poised to grow at a rate of 20 percent making it one of the fastest growing markets. The Associates is committed to making investments of over US $ 38 million over a period of two years in India. To ensure the success of our investments, we need somebody like Vishal who has a great deal of experience in this business and can lead us to greater heights," said Tony Travers, Chairman, Associates Financial Services Asia Limited.

"We see an increasing demand for such financial services in a growing economy like ours. At Associates India, my constant endeavour would be to broaden and deepen the value-added financial services to our clients," said Mr. Pandit.

Associates India, a 100% subsidiary of Associates First Capital Corporation is a leading provider of finance for cars, 2wheelers, consumer durables, loans against homes and personal loans. The company is also a significant provider of commercial finance. Operational for the last three years, the company currently operates in 20 locations across the country. Effective July 01,2000, Associates India Financial Services Private Limited has become a deemed public limited Company and will now be called Associated India Financial Services Limited.

Associates First Capital Corporation (NYSE:AFS), founded in 1918, is a leading diversified finance company providing consumer and commercial finance, leasing, insurance and related services to more than 29 million customers in 14 markets worldwide. The company has reported net earnings of USD 709 million in the first six months of 2000. As on 30th June 2000, the Stockholder's equity was USD 10.3 billion with managed assets of more than USD 100 billion, Associates First Capital Corporation is one of the largest publicly traded diversified financial services company in the United States.

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