The BMW Group launched BMW Financial Services, a 100 per cent subsidiary of the BMW Group in India. It is headquartered in Gurgaon (National Capital Region). In 2010, the BMW Group will invest USD 50 million (Rs. 2.3 billion) in BMW Financial Services in India.
Mr. Georg Bauer, CEO, BMW Group Financial Services said, “We are making great strides in implementing our India strategy and giving the BMW Group a significant competitive edge. The launch of BMW Financial Services in India is a critical element of the market expansion strategy of the BMW group and will provide the necessary momentum to sustain the market leadership position.”
Mr. Sanjiv Shah has been appointed as the Managing Director and CEO of BMW Financial Services in India. Mr. Shah has been working with BMW India since 2006. He has headed several business projects in USA and India.
“BMW Financial Services will operate with its three business lines: retail finance, commercial finance and insurance solutions. The services offered through BMW Financial Services in India will be significantly valuable to the premium clientele who require exclusive and flexible financial solutions. Commercial finance solutions offered to BMW India dealerships will further strengthen operations in the country and will reinforce the BMW brand.” said Mr. Sanjiv Shah.
BMW Financial Services will offer 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. It will offer insurance solutions to its customers through its cooperation partner in India. Service excellence will be the primary focus of new operations across all business lines.
BMW Financial Services was established in 1991 and has subsidiaries in 31 countries besides India. It is active in over 60 nations. BMW Group Financial Services is currently serving 3 million customers globally.