Shanghai, May 22 (Gasgoo.com) China's Brilliance Auto is set to open an auto financing unit in conjunction with GE Finance Company some time in October this year, Beijing News reports today.
"We have reached an agreement on most details and the application will be submitted to authorities for approval in June," said Brilliance Auto chairman Qi Yumin, adding that the new firm is expected to open in October if all goes well.
The financial unit is reported to have a registered investment of 500 million yuan ($71.8 million) and will provide support to Brilliance's independent brand.
In addition, an auto finance joint venture invested by BMW and Brilliance is also confirmed to be formed later this year, state-run China Daily reports. This venture will support BMW-authorized dealers and the Brilliance-BMW joint venture. Brilliance's own brand can benefit from the unit.