Geely has said it plans to set up a joint venture with BNP Paribas Personal Finance to conduct auto financing in China.

BNP Paribas Personal Finance is a wholly owned subsidiary of France’s BNP Paribas Group.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Geeely said the joint venture will have a registered capital of 900 million yuan (around $148 million), of which Geely will invest 720 million yuan giving it 80% of the company.

BNP Paribas Personal Finance will provide 180 million yuan for the remaining stake, a statement added.

“China’s automotive market continues to grow at a rapid pace and customers are increasingly looking for new, innovative ways to finance their auto purchases,” said Daniel Li, vice president and chief financial officer of Zhejiang Geely Holding Group and executive director of Geely Automobile.

The agreement is subject to approval by Chinese authorities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.