The BMW Group launched BMW Financial Services as a new business entity in India. BMW Financial Services is a 100 per cent subsidiary of the BMW Group and is headquartered in Gurgaon (National Capital Region).
BMW Financial Services has received license to operate as a Non-Banking Finance Company (NBFC) from the Reserve Bank of India (RBI). In 2010, the BMW Group will invest US $ 50 million (Rupees 2.3 billion) in BMW Financial Services in India.
Speaking on the occasion, Georg Bauer, CEO, BMW Group Financial Services said, “We are making great strides in implementing our India strategy and giving the BMW Group a significant competitive edge. The launch of BMW Financial Services in India is a critical element of the market expansion strategy of the BMW group and will provide the necessary momentum to sustain the market leadership position.”
Sanjiv Shah has been appointed as the Managing Director and CEO of BMW Financial Services in India. Shah brings with him extensive experience in the field of financial services and has been working with BMW India since 2006. In the past, he has headed several business projects in USA and India.
“BMW Financial Services will operate with its three business lines: retail finance, commercial finance and insurance solutions. The services offered through BMW Financial Services in India will be significantly valuable to the premium clientele who require exclusive and flexible financial solutions. Commercial finance solutions offered to BMW India dealerships will further strengthen operations in the country and will reinforce the BMW brand.” said Sanjiv Shah.
BMW Financial Services will offer solutions for retail automobile financing for BMW customers and multi make customers, financing for fleet owners and commercial financing for BMW dealerships and multi make dealerships. BMW Financial Services will offer insurance solutions to its customers through its cooperation partner in India. Also in India, service excellence will be the primary focus of new operations across all business lines.
BMW Financial Services was established in 1991 and presently has subsidiaries in 31 countries besides India and is active in more than 60 countries. BMW Group Financial Services is currently serving 3 million customers with assets of Euro 70 billion globally.
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