Volvo Car Group has added BNP Paribas as a financing partner within its ‘core relationship banking group’.
BNP Paribas will provide the Geely-owned Swedish motor brand with a credit facility of €60m (£50m).
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The ‘core’ group includes Nordea, ING Belgium, DNB, Swedbank and Santander Bank, providing a revolving credit facility of €360m which matures in 2016 alongside lending commitments from China Development Bank and Swedish Export Credit Corporation.
Despite falling sales and revenue in the first half of 2013, worldwide, Volvo has said it aims to break even for the year.
richard.brown@timetric.com
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