BMW and its Chinese joint venture partner, Brilliance, have launched an automotive finance company in China following regulatory approval for the venture.

The finance company will offer financing for retail and wholesale purchases of BMW vehicles, as well as leasing services, BMW said in a statement.

The finance company, BMW Automotive Finance (China) Co., is a joint venture between BMW and BMW Brilliance Automotive Ltd., which is a joint venture between BMW and Chinese automaker Brilliance China Automotive Holdings Ltd.