From Asiaport Daily News
BEIJING — Volkswagen Auto-Financing (China) Co., Ltd. announced that the China Banking Regulation Commission (CBRC), China’s top banking regulator, has approved the company to launch the RMB business in China’s automotive finance area.
For now, the company is the first foreign-funded automotive finance company that operates RMB business in China. Germany-based Volkswagen Auto-Financing Service Co., Ltd. has pumped approximately $60 million in assets into its solely-owned subsidiary, Volkswagen Auto-Financing (China) Co., Ltd.
Sources from the subsidiary said that they will mainly provide auto financing service for private auto purchasers in the initial stage. The subsidiary will join its dealers and joint ventures of Volkswagen in China to promote a brand-new business pattern.
Insiders point out that auto financing services provided by Volkswagen Auto-Financing (China) Co., Ltd. will increase Volkswagen’s and its Chinese partners’ product sales in China. The auto financing service company of Volkswagen in China reflects that Volkswagen has accomplished its overall arrangement in up- and down-streams of China’s auto industry.
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