BMW Group to introduce BMW Financial Services in India in 2010
02 Sep 2009
New Delhi: BMW Group plans to introduce BMW Financial Services India as a new business entity in India. The new subsidiary is expected to be fully operational by the mid of 2010 and will be headquartered in Gurgaon (National Capital Region).
BMW Financial Services India is seeking a license to operate as a non-banking finance company (NBFC) in India to offer solutions for retail automobile financing for BMW customers, fleet owners and commercial financing for BMW and multi make dealerships.
Speaking on the occasion, Peter Kronschnabl, president, BMW India, said, "BMW Financial Services has been successfully operating in India as a part of BMW India with its three business lines: retail finance, commercial finance for the BMW India dealerships and insurance solutions through cooperation partners for BMW customers. The services offered through BMW Financial Services have been significantly valuable to the premium clientele who require exclusive and flexible financial solutions. The foundation for the formation of BMW Financial Services India was established from the achievements in the Indian market in the last three years."
BMW Financial Services India will be a subsidiary of BMW Group, headquartered in Munich, Germany. BMW Financial Services was established in 1993 and presently has subsidiaries in 31 countries besides India and is active in more than 60 countries.