Bank of China to quit auto financing JV with Peugeot
Bank of China Group Insurance Co., Ltd., a wholly-owned subsidiary of Bank of China, plans to quit Dongfeng Peugeot Citroen Auto Finance Co., Ltd. (DPCAFC).
On May 7, it put a 50 percent stake in DPCAFC up for sale on the China Beijing Equity Exchange, with a tag of 328 million yuan. Founded in June 2006, DPCAFC is a 50-25-25 joint venture among Bank of China Group Insurance, Dongfeng Peugeot Citroen Automobile Co., Ltd. (DPCA) and PSA Finance Netherlands (PFN). DPCA and PFN do not give up the priority purchasing right.
DPCAFC's total assets reached 1.56 billion yuan as at the end of September 2008, with net assets touching 522 million yuan. Main business revenue amounted to 99.49 million yuan in 2008. Aggregate profit hit 19.48 million yuan and net profit reached 14.55 million yuan.
Bank of China Group Insurance declined to make comment.
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