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BMW to expand to leasing in Chinese market
Print Edition
BMW said yesterday that it has acquired Chinese firm Herald Leasing as part of its bid to broaden the business in its biggest market to include car leasing.
“With this move, the company is responding to the increasing importance of the emerging leasing business in the world’s largest vehicle market and laying the foundation for further growth,” said BMW.
Financial details of the transaction were not disclosed.
“We firmly believe in the medium and long-term potential of the Chinese auto market and are preparing for the next phase of growth,” said Erich Ebner von Eschenbach, head of BMW Group Financial Services.
“New business areas, such as leasing and fleet management, will be an increasingly important part of this,” von Eschenbach added in a statement.
The acquisition will allow BMW to add leasing options to its local financing services.
Herald Leasing has offices in 58 Chinese cities, employs around 250 people and reported revenues of 208 million yuan (US$33 million) for 2014.
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