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BMW group to Introduce BMW financial services in India in 2010 | BMW Group will introduce BMW Financial Services India as a new business entity
in India. The new subsidiary is planned to be fully operational by the mid of
2010 and will be headquartered in Gurgaon. BMW Financial Services India is seeking
a license to operate as a Non-Banking Finance Company (NBFC) in India to 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 India will continue to offer Insurance
solutions to its customers through its cooperation partner. Speaking on the occasion,
Mr. Peter Kronschnabl, President, BMW India said, "BMW Financial Services has
been successfully operating in India as a part of BMW India with its three business
lines: Retail finance, Commercial finance for the BMW India Dealerships and Insurance
solutions through cooperation partners for BMW customers. The services offered
through BMW Financial Services have been significantly valuable to the premium
clientele who require exclusive and flexible financial solutions. The foundation
for the formation of BMW Financial Services India was established from the achievements
in the Indian market in the last three years." BMW Financial Services India will
be a subsidiary of BMW Group, headquartered in Munich, Germany. BMW Financial
Services was established in 1993 and presently has subsidiaries in 31 countries
besides India and is active in more than 60 countries.
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