Nissan, Dongfeng win approval for Chinese auto finance joint venture |
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Published
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Wed, 17 Jan 2007 03:01
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BEIJING (XFN-ASIA) - Nissan Motor Co Ltd and its Chinese partner Dongfeng Motor Group Co Ltd said they have received regulatory approval to set up an auto finance company.Dongfeng Nissan Auto Finance, in which Nissan will hold a 65 pct stake and Dongfeng 35 pct, is expected to start operating this year after filing its formal application to the China Banking Regulatory Commission, Nissan said in a statement.The auto finance venture will provide new car retail finance to Nissan and Infiniti customers and inventory finance to dealers of both brands, the statement said.The provision of inventory financing for dealerships will be made available country-wide in China, while retail financing will be expanded to major Chinese cities including Beijing, Guangzhou and Wuhan by 2010, it added.The new company will be capitalized at around 500 mln yuan.Its board will have five directors -- three from Nissan and two from Dongfeng.(1 usd = 7.8 yuan)will.davies@afxasia.com
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