BMW is to set up its own car finance business in China in
conjunction with its Chinese JV partner, the company has said.
BMW and Brilliance China Automotive plan to begin operations in
the first half of 2010.
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The joint venture, BMW Automotive Finance China, will provide
wholesale and retail auto loans, as well as vehicle leasing
services.
The German carmaker will have a 58 percent stake in the
company.
As required by Chinese regulators, BMW needs to have a minimum
capitalisation of CNY 500 million (€51 million) to obtain the
remaining regulatory approvals.
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