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Huishang Bank, Chinese carmaker to set up auto finance company.

Global Banking News-25 June 2008-Huishang Bank, Chinese carmaker to set up auto finance company(C)2008 ENPublishing -

Global Banking News - 25 June 2008(c)2005 - Electronic News Publishing -

China's Huishang Bank has agreed to partner with Chery, China's largest domestic carmaker, to set up an auto finance company, after receiving approval from the China Banking Regulatory Commission.

The first exclusive domestic joint venture, the new company - Chery Huiyin Auto Finance Company Limited - will be the 10th auto finance company in China. Chery said the finance company would provide loans to both dealers and auto buyers.

The new auto finance company will have a registered capital of CNY500m (USD72.78m), 80 percent of which would be owned by Chery, while Anhui Province-Huishang will own the remaining 20 percent, according to Chery.

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Publication:Global Banking News (GBN)
Date:Jun 25, 2008
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