FRANKFURT, March 17 German carmaker Daimler on Monday said it will expand its Mercedes-Benz Bank unit in Europe to add customer loans to its product offering which currently mainly provides loans to dealers.
"Between now and 2018, we will be spending some 500 million euros ($696 million) on our European business," said Franz Reiner, the CEO of Mercedes-Benz Bank and member of the Daimler Financial Services board of management responsible for business in Europe.
In total, Mercedes-Benz Bank now has 780,000 vehicles on the books, ranging from small smart cars to Actros heavy-duty trucks.
Until now, branches have focused on loans to dealers. However, customer loans will soon be added to their portfolio of services, Daimler said. ($1 = 0.7181 Euros) (Reporting by Edward Taylor)