Cat Financial, a wholly-owned subsidiary of Caterpillar Inc., recently established its newest legal entity to support customers in South Africa. The company celebrated the opening of its finance office in Johannesburg on October 19, 2018.
Caterpillar Financial Services South Africa (Pty) Ltd (“CFS SA”) established its presence on July 2, 2018 and has been ramping up to full business operations. The office is located in the Caterpillar Johannesburg Distribution Centre, the company’s aftermarket parts distribution facility for the region serving southern Africa. The facility also houses teams from the local Caterpillar district office and global mining.
“The presence of a Cat Financial office in Johannesburg not only helps facilitate Caterpillar growth in an emerging market, but also further supports business development in South Africa, where Caterpillar has had a presence since 1927,” says Dave Brooks, MD of Caterpillar Financial Services South Africa.
“Our new subsidiary will broaden customer access to our Cat machinery and equipment, furthering our support for emerging contractors and black industrialists as they compete and succeed. We look forward to working closely with South African customers and the independent Cat dealer Barloworld Equipment, providing a full array of finance products and tools to help them succeed in this market.”
“The shift from large construction houses to small and medium size enterprises in the region has made deal finance a key customer requirement. The emerging customer does not always have the funds to close a deal and in most cases, has a limited track record and balance sheet to easily secure funding,” says Emmy Leeka, CEO of Barloworld Equipment southern Africa. “We, therefore, welcome the broad spectrum of financial support that Cat Financial will enable us to offer our existing and new customers.”