HANGZHOU, Zhejiang – Geely Automobile Holdings Ltd. and BNP Paribas Personal Finance said in a joint statement on August 3 that they have received approval from China Banking Regulatory Commission (CBRC) to start operation of their joint venture auto financing company.
Named Genius AFC, this JV is headquartered in Shanghai with registered capital of ¥900 million ($148 million), of which ¥720 million comes from Geely and ¥180 million comes from BNP Paribas Personal Finance. It will be committed to providing auto financing products and services to the Chinese market including wholesale financing solutions for auto dealers in purchasing cars and operating facilities in September 2015. And it will also offer retail auto financing for end users at the end of 2015.
Li Xia, director of auto financing at Geely Holding Group, will be appointed president of Genius AFC. “Genius AFC will be dedicated to providing auto financing products and services for auto dealers and customers in a safe, professional and convenient way, which will help auto dealers to improve its operating efficiency and maximize their revenue potential,” said Li.