Chinese manufacturer Great Wall Auto, has begun a finance operation in its domestic market in partnership with Tianjin Binhai Rural Commercial Bank, according to Chinese automotive news website Gasgoo.com.
The application to form a finance company has been approved by the China Banking Regulatory Commission and preparatory work is expected to conclude within six months.
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The operation, to be called Tianjin Great Wall Binyin Finance Company, will provide both retail and wholesale finance for Great Wall customers and dealers, respectively.
Since its inception in 2004, the China Banking Regulatory Commission has approved several captive finance operations for foreign-owned brands keen to offer retail loans in the world’s largest car market, as well as a handful of non-state-owned domestic brands, of which Great Wall is the latest.
However, in the UK and Ireland Great Wall has turned to independent finance, announcing a partnership in July with First Auto Finance, a joint venture with (and exclusive agent of) Close Motor Finance, in the Irish market, and launching in the UK in 2012 with the Steed model pick-up using retail finance offered through Black Horse.
richard.brown@timetric.com
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