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Santander launches China’s first multi-brand auto finance company


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Santander launches China’s first multi-brand auto finance company

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Santander launches China’s first multi-brand auto finance company

  1. 1. Press Release Santander launches China’s first multi-brand auto finance companyMadrid, January 13, 2013 - Fortune Auto Finance Co., Ltd, a joint venture between BancoSantander and Anhui Jianghuai Automobile Co., Ltd (JAC), has received approval from theChina Banking Regulatory Commission (CBRC) to operate as an independent auto financingcompany in China.Fortune Auto Finance Co. Ltd was created in Hefei, Anhui Province as an independent, multi-brand, auto finance company, a joint venture company between JAC and Banco Santander toprovide automotive financial services in China. The company combines Santander’sexpertise in auto finance, through its Santander Consumer Finance unit, and state-of-the-arttechnology with JAC’s experience and reach in China. JAC is a Chinese automaker with acomprehensive list of automobile products and it is one of the leading manufacturers in somesegments. Its sales exceeded 448,000 in 2012 through a network of more than 1,000dealers.Santander and JAC each have a 50% stake in the company and name three members to theboard of directors. Santander will also name the CEO and other key management positions.Fortune Auto Finance will have initial capital of 500 million yuan (about EUR 62 million).“As an independent, multi-brand provider of auto finance, Fortune will have a unique positionin the Chinese market,” said Juan San Román, the Beijing-based regional head of theSantander group’s development in Asia. “For Santander, participation in Fortune represents apotentially large source of growth and will give us very valuable on-the-ground experience inlending in China.”Santander is present in China through a representative office in Beijing and a branch inShanghai. In May, 2012, Santander became the first Spanish and Latin American bank toreceive a license from the CBRC to deal in renminbi, through its Shanghai branch, reinforcingthe bank’s position as a leader in trade finance in China.China is the world’s largest market for automobiles, with an estimated 19 million cars sold in2012 (compared with estimates of 14.4 million cars in the U.S. and 12 million in the EuropeanUnion) and double-digit growth expected to continue in coming years.Santander Consumer Finance is part of Banco Santander (SAN.MC, STD.N, BNC.LN), aretail and commercial bank, based in Spain, with a presence in ten main markets. Santanderis the largest bank in the euro zone by market capitalization. Founded in 1857, Santander hadEUR 1.418 trillion in managed funds, 102 million customers, 14,569 branches – more thanany other international bank – and 187,000 employees at the close of June 2012. It is thelargest financial group in Spain and Latin America. It also has significant positions in theUnited Kingdom, Portugal, Germany, Poland and the U.S. northeast.External Communications.Ciudad Grupo Santander Edificio Arrecife Pl.228660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52