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Chery Automobile Emblem Bank to set up finance companies

Fernando Filipe

by Professional editor working for frbiz.

The field of automobile financing in China, self-brand enterprises and joint ventures have been the same treatment. Huishang Bank by Chery and Chery business profiled silver brand call car account business, on April 21 transmitted the initiating in Shanghai. Since afterward, Chery has become China's first independently have economic services businesses brand car.

The past, nations that only junction projects and foreign capital to enlist in automobile financing business. In June last year, Chery is permitted economic businesses to construct on a navigate basis. After 6 months to arrange, in December 2008 through the acceptance of the China Banking Regulatory Commission, accepted the unfastening in April of this year. Preparation time span, the Chery business and Huishang Bank as needed to simulate the procedure, and built up some experience.

Silver Emblem Chery Automobile Finance Company listed capital of 5 billion yuan, of which Chery bought into 400 million yuan, accounting for 80% of shares; Huishang Bank portions accounted for 20%. The company's enterprise is split up into 12 large plates, including: the provision of buyer vehicle lend enterprise to supply procurement vehicle trader borrowings and gear borrowings work, encompassing building borrowings and the Exhibition Hall, replacement components and upkeep gear loans; and the provision of vehicle leasing enterprise and so on.

Chery Automobile Emblem Bank to set up financial companies, so that enterprises can have more means to support market development, China's financial system is an important breakthrough.

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