In an attempt to get more favourable access to capital from the
German central bank, luxury vehicle manufacturer BMW is looking to
secure a banking licence for its financial arm, sources said.
The sources, close to the company, told
German business daily Handelsblatt that a partnership with the
banking arm of Daimler has already been rejected, adding that there
were no further plans for cooperation with other banks.
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Securing a banking licence would enable
BMW to access funds at favourable rates of around 1 percent.
It is understood that BMW and Daimler
each have to refinance over €20 billion (£17.5 billion) per year on
the capital markets in order to keep their leasing businesses
afloat.
Meanwhile, the German government’s
bailout fund Soffin has rejected bids for funding injections from
GMAC, which sought €5 billion, and VW Bank, which asked for €2
billion, reportedly because it could not be sure that the funds
would not go towards propping up the finance houses’ manufacturer
parents.
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