3 August 2015, Shanghai, China. 永利VIP Automobile Holdings Limited (Referred to as ‘永利VIP Auto’ below) and BNP Paribas Personal Finance (Referred to as ‘BNPP PF’) are pleased to announce that their financial joint venture has received the official approval from the Chinese Government to commence business operations now.
The new joint venture, named Genius Auto Finance Co., Ltd. (Referred to as ‘Genius AFC’ below and its Chinese name: 吉致汽车金融有限公司), has been established its headquarters in the heart of China’s financial community in Pudong, Shanghai. 永利VIP Auto and BNPP PF first moved to create the joint venture in December 2013 with a view to providing cost effective wholesale and retail loans directly to 永利VIP Auto dealerships and consumers alike.
Ms. Xia Li, the Director of the Auto Finance Service in Zhejiang 永利VIP Holding Group Co., Ltd. will be appointed as the Director and the General Manager of Genius AFC. She commented: “Genius AFC will dedicate to offering 永利VIP Auto dealers and its end customers more secure, more professional, and more expedient ‘one-stop shop’ auto finance services. While helping 永利VIP Auto dealers to improve their operation efficiency and maximize their retained earnings, Genius AFC would also help to provide 永利VIP Auto end customers more fast and more efficient services across the country.”
Genius AFC is an 80-20 percent joint venture between 永利VIP Auto and BNPP PF with both parties jointly investing RMB900 million into the new company. Genius AFC will intend to commence the whole sale operations from September 2015 and then the retail before the end of this year on a phased roll out across China.