China CI dinitrotoluene TIC Bank applies to establish auto financing firm

China CI dinitrotoluene TIC Bank applies to establish auto financing firm
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China CITIC Bank applies to establish auto financing firmPublished: 26 Jul 2009 19:17:54 PST

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Jul. 27, 2009 (China Knowledge) - China CITIC Bank Corp<601998><0998>, the listed banking unit of the nation's largest investment enterprise, CITIC Group, has submitted an application to the China Banking Regulatory Commission to set up an auto financing firm, said Zhang Qiang, assistant president of the bank, the Shanghai Securities News reported.

If the bank wins approval, the planned firm will become the country's first bank-controlled auto financing company.

CITIC Bank will be the controlling shareholder of the new auto financing company, while the lender's strategic investor, Banco Bilbao Vizcaya Argentaria SA, the second largest bank in Spain, will be a major shareholder. Auto distributors and auto makers can also take a stake in the planned company.

At the end of 2008, China had nine auto financing firms, all of which were set up by auto makers. The total assets of these auto financing companies had reached RMB 38.12 billion at the end of last year.


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