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Nissan and Dongfeng Receive Approval to Establish Auto Finance Company in China


January 2007
 Filed under: NISSAN CORPORATE Car News | NISSAN CORPORATE Headlines
Tokyo (Jan. 16, 2007)— Nissan Motor Co., Ltd., (NML) and Dongfeng Motor Group Co., Ltd., (DFG) have jointly announced receipt of the official approval from the China Banking Regulatory Commission (CBRC) on January 5, 2007, for the establishment of Dongfeng Nissan Auto Finance Co., Ltd., (DNAF). The initial application was filed last November following the agreement signed between Nissan Motor Co., Ltd. and Dongfeng Motor Group Co., Ltd. in August 2006 to establish a new auto finance company to be based in Shanghai.

Dongfeng Nissan Auto Finance Co., Ltd., is expected to start its operation in 2007 after completing the formal application for business commencement to CBRC which occurs within six months from the official date of approval for its establishment.
DNAF will provide new car retail finance to Nissan and Infiniti customers and inventory finance to dealers of both brands. The provision of inventory financing for dealerships will be made available country-wide in China upon commencement of operations. Retail financing will be expanded to major Chinese cities including Beijing, Guangzhou and Wuhan by 2010. Additional demand for auto financing is expected to grow with the introduction of the Infiniti brand into the Chinese marketplace in 2007.

The new company will be capitalized at 500 million yuan (US $62.7 million). Nissan will hold a 65% stake in the company, while DFG will own the remaining 35%. The company’s board members will consist of five directors with three assigned from Nissan and two from DFG.

Note: Amounts in RMB are translated for the convenience of the reader only at the rate of 1 RMB per 0.125 US dollar, based on the exchange rate in effect as of Aug. 29, 2006.

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Source: Nissan Motor Co., Ltd.

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