Chinese battery and carmaker BYD, partly owned by Warren Buffett’s Berkshire Hathaway, has set up a vehicle financing unit with a subsidiary of Societe Generale’s consumer financing arm.
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The auto financing firm, 80% held by BYD, was expected to start operation early next year, providing services in China, law firm Gide Loyrette Nouel told Reuters.
The lawyers had said separately Banque PSA Finance unit PSA Finance Nederland (PFN) had acquired Bank of China’s 50% stake in Dongfeng Peugeot Citroen Automobile’s (DPCA) vehicle financing unit, increasing its holding to 75%.
Gide Loyrette Nouel said it had advised Compagnie Generale de Locations d’Equipement (CGL), a subsidiary of Societe Generale Consumer Finance, on the BYD deal.
