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French bank and China’s Geely automotive to form car financing venture
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FRENCH bank BNP Paribas said it has reached an agreement with Chinese auto maker Geely Automobile Holdings to establish a joint venture company for auto financing in China’s mainland.
The new joint venture company will have a registered capital of 900 million yuan (US$147 million), of which Geely will provide 80 percent of the funds, said BNP Paribas in a statement last night.
The joint venture is still subject to regulatory approval by the China Banking Regulatory Commission.
The new company aims to provide auto financing in China’s mainland, including wholesale financing solutions for auto dealers and retail financing to end-users.
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