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Banco Santander SA's Consumer Finance Unit Gets Approval For Chinese Car Finance Venture With Anhui Jianghuai Automobile Co., Ltd.-Reuters


Sunday, 13 Jan 2013 06:11am EST 

Reuters reported that Banco Santander SA has received Chinese regulatory approval to operate as an independent car financing company. Santander will operate through its Fortune joint venture (JV), set up in December 2011, in a 50-50 tie-up between its consumer finance unit and Anhui Jianghuai Automobile Co., Ltd. Fortune Auto Finance will have initial capital of 500 million yuan ($80.4 million). Its loans will not be restricted to JAC's products. 

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