Daimler Financial Services
(Daimler FS) has announced a restructuring of its business
activities in Germany, with all the central functions for the
German and global businesses now operating under one roof.
With the restructuring,
which is expected to be completed by the end of 2012, the captive’s
headquarters will be moved from Berlin to Stuttgart (where the
parent company is headquartered).
Mercedes-Benz Bank, the
German subsidiary of Daimler FS, will also set up a new Service
Centre in Berlin, the company said.
However, as a result of the
concentration, the number of staff will decrease by 250 to 1,600
employees, the captive said.
Daimler FS chairman Klaus
Entenmann said: “With this strategic restructuring of Daimler
Financial Services and Mercedes-Benz Bank in Germany we will
achieve an important streamlining of our structures and processes
and ensure a leading competitive position for our company in the
The company estimates
a cost optimization of €50 million per year.