Renault Group's finance arm is launching a UK retail savings bank through its financing brand RCI.

The company says that UK subsidiary 'RCI Bank' follows a series of similar launches in France, Germany and Austria over the last four years and means that Renault is the only car finance company to launch a UK savings bank.

"The UK savings bank represents a further step in our strategy to source 30% of our funding from retail deposits," said Gianluca De Ficchy, RCI Banque's CEO.

RCI Bank has launched an "easy access account" called the Freedom Savings Account.

RCI Bank commits to reinvest collected funds in its auto loan business for Renault and Nissan brands and the aim is to diversify funding from the main wholesale money markets.

The bulk of RCI's car financing operation is personal contract purchase (PCP) plans for retail customers.