This is coming at a period of shrinking industry lending but the bank says it remains committed to putting smiles on the faces of Nigerian consumers desiring the best services at an affordable price.

Details of the offer, as released by the bank shows that customers have two options to choose from. You can either make a down payment of 30 per cent and pay the balance over 18 months on a zero interest basis or make as low as 15 per cent down payment and earn a N5,000 monthly cash-back which qualifies you for the Diamond SavingsXtra Salary 4Life rewards scheme.

A statement from the bank said: "Whilst customers who choose option 1 will earn the zero interest repayment plan, customers who purchase any of the cars with option 2 will qualify for the SavingsXtra Salary 4Life rewards in which they stand a chance to win income payment of N100,000 every month for the next 20 year, plus a host of other fantastic prizes.

"We are offering customers an early Eid-el-Kabir and Christmas gift by giving them an opportunity to acquire brand new Peugeot cars without having to worry about the burden of high interest repayments.

"Very few financial institutions are lending at this time, and with the extra benefits added with our SavingsXtra rewards scheme, the offer becomes even more compelling."

* Sanyo will supply the battery system for cars that incorporate the Hybrid4 drive mechanism.

PSA Peugeot Citroen has developed a proprietary hybrid drive mechanism dubbed Hybrid4 which powers the front wheels with a diesel engine and the rear wheels with an electric motor. Sanyo will supply the battery system for cars that incorporate the Hybrid4 drive mechanism. The first two diesel hybrid vehicles will be released in 2011 -- the Peugeot 3008 and the Citroen DS5.

Sanyo will manufacture the nickel-metal hydride cells and assemble them into battery units in Japan and then export them to PSA Peugeot Citroen.

Sanyo already supplies nickel-metal hydride batteries to Honda Motor Co. (7267) and Ford Motor Co., and is unofficially planning to supply lithium ion batteries to Volkswagen AG and Toyota Motor Corp. (TSE:7203). PSA Peugeot Citroen would be the fifth automaker with which Sanyo has teamed to supply batteries for environmental cars.

(Nikkei) bl

Emmanuel Walckenaer, Sierra Wireless's senior vice president and general manager for its solutions and services business unit, said: "After a long selection process, including in-depth technical evaluations by PSA on real prototypes, we are extremely pleased to have been selected to develop the automotive group's remote monitoring and maintenance capabilities. Cars typically have product life spans of 10 to 15 years, and once wireless connectivity has become a standard feature, long-term maintenance and monitoring becomes necessary."

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