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

1. Press Release
Santander launches China’s first multi-brand
auto finance company
Madrid, January 13, 2013 - Fortune Auto Finance Co., Ltd, a joint venture between Banco
Santander and Anhui Jianghuai Automobile Co., Ltd (JAC), has received approval from the
China Banking Regulatory Commission (CBRC) to operate as an independent auto financing
company 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 to
provide automotive financial services in China. The company combines Santander’s
expertise in auto finance, through its Santander Consumer Finance unit, and state-of-the-art
technology with JAC’s experience and reach in China. JAC is a Chinese automaker with a
comprehensive list of automobile products and it is one of the leading manufacturers in some
segments. Its sales exceeded 448,000 in 2012 through a network of more than 1,000
dealers.
Santander and JAC each have a 50% stake in the company and name three members to the
board 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 position
in the Chinese market,” said Juan San Román, the Beijing-based regional head of the
Santander group’s development in Asia. “For Santander, participation in Fortune represents a
potentially large source of growth and will give us very valuable on-the-ground experience in
lending in China.”
Santander is present in China through a representative office in Beijing and a branch in
Shanghai. In May, 2012, Santander became the first Spanish and Latin American bank to
receive a license from the CBRC to deal in renminbi, through its Shanghai branch, reinforcing
the 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 in
2012 (compared with estimates of 14.4 million cars in the U.S. and 12 million in the European
Union) and double-digit growth expected to continue in coming years.
Santander Consumer Finance is part of Banco Santander (SAN.MC, STD.N, BNC.LN), a
retail and commercial bank, based in Spain, with a presence in ten main markets. Santander
is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had
EUR 1.418 trillion in managed funds, 102 million customers, 14,569 branches – more than
any other international bank – and 187,000 employees at the close of June 2012. It is the
largest financial group in Spain and Latin America. It also has significant positions in the
United Kingdom, Portugal, Germany, Poland and the U.S. northeast.
External Communications.
Ciudad Grupo Santander Edificio Arrecife Pl.2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
comunicacionbancosantander@gruposantander.com