MUFG has provided a £120 million bilateral term loan to Inchcape, the automotive distributor and retailer, during its acquisition of Grupo Rudelman.

The first repayment of the facility will mature after 12 months, with the remainder maturing after 18 months. The facility provides additional liquidity to Inchcape during this period, as the company seeks to build on its recent expansion in South America.

MUFG was selected as sole supporting bank to Inchcape following a competitive tender process.

Holly Villiers, Head of UK, Ireland & Nordics at MUFG, said:

"After a competitive tender process, we were delighted to be selected as the sole supporting bank on this facility. Inchcape required speed of decision making and execution, and our team was able to respond extremely quickly to provide a funding solution that supported the company's strategic objectives."

Alex Chalmers, Head of Treasury at Inchcape, said:

"MUFG consistently exceeded our expectations and were a reliable partner throughout the process, allowing us to leverage our global scale and accelerate our growth. We look forward to working with MUFG again in the future."