Volkswagen Financial Services (VWFS), the financing subsidiary of Volkswagen Group, has acquired the financial arm of MAN Truck and Bus, allowing the automotive finance giant to expand into financing the truck and bus market.
Volkswagen took over MAN in 2011 and this latest acquisition marks a move to consolidate the brands assets all under the Volkswagen banner.
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Frank Witter, chairman of the Board of Management of Volkswagen Financial Services, said: "In taking over the financial service activities of MAN SE, we are growing further with the Group’s brands. Our medium-term aim is to position MAN financial services as a benchmark for the truck and bus business."
He said VWFS also hopes that the acquisition will help the business strengthen its offering in the truck and bus sector and help it hit sales targets in the future.
VWFS has over 9,000 employees globally and assets totalling nearly 88bn, in taking over MAN Finance International the group will take on an additional 515 employees and assets totalling 3.4bn.
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By GlobalData
