JAC to form auto finance JV with Spanish bank
Jianghuai Automobile Co. will establish a joint venture auto finance company in China with Spanish bank Santander.
The venture, to be incorporated in the east China city of Hefei, will provide floorplan financing to dealers and car loans for buyers, JAC said in a statement.
The joint venture will have registered capital of 500 million yuan ($79 million). It will be owned equally by JAC and Santander Consumer Finance, a wholly owned subsidiary of Santander.
JAC, located in Hefei, produces passenger vehicles, buses and trucks.
Most global automakers have set up capital finance companies in China. In recent years, domestic Chinese automakers also have started to open auto finance companies.
