India: BMW Group increases its investment in BMW Financial Services

The Economic Times (Mumbai) - The BMW Group has increased its investment in BMW Financial Services India to 5.3 billion Indian Rupees (US $ 106 million) in 2012 from 2.3 billion Indian Rupees (US $ 50 million) in 2010.

"In less than two years, BMW Financial Services India has established itself as the leading provider of customized financing solutions, individually tailored leasing plans and unrivalled services," said Dan DeChristopher, MD and CEO, BMW Financial Services India.

BMW Financial Services India has made significant contribution to BMW Group's success in India. This investment will help us enhance our product and service offering in India to further augment BMW India's market leadership, Mr DeChristopher said.

In 2012, BMW Financial Services India will employ more than 80 people at its headquarters in Gurgaon.

An integral part of our winning story in India is BMW Financial Services, which provides complete peace of mind to BMW customers with financially attractive offers, said Andreas Schaaf, president, BMW India. The investment also clearly reinforces BMW Group's commitment to India, Schaaf said.

BMW Group launched BMW Financial Services India in October 2010 as a 100% subsidiary headquartered in Gurgaon. On June 16, 2010, BMW Financial Services received a license to operate as a Non-Banking Finance Company (NBFC) from the Reserve Bank of India.

BMW Financial Services operates with three business lines: retail finance, commercial finance and insurance solutions (through cooperation partners). BMW Financial Services offers solutions for retail automobile financing for BMW customers and multi make customers, financing for fleet owners and commercial financing for BMW dealerships and multi make dealerships.

Commercial finance solutions offered to BMW India dealerships further strengthen operations in the country and reinforce the BMW brand. BMW Financial Services India also offers BMW Lease for individuals and corporate customers. It also provides insurance solutions to its customers through its co-operation partner in India.