License received from Reserve Bank of India to operate as a Non-Banking Finance Company (NBFC).
Mr. Sanjiv Shah appointed Managing Director and CEO, BMW Financial Services in India.
Gurgaon. The BMW Group launched BMW Financial Services as a new business entity in India. BMW Financial Services is a 100% subsidiary of the BMW Group and is headquartered in Gurgaon (National Capital Region).
BMW Financial Services has received license to operate as a Non-Banking Finance Company (NBFC) from the Reserve Bank of India (RBI). In 2010, the BMW Group will invest US $ 50 million (Rupees 2.3 billion) in BMW Financial Services in India.
Speaking on the occasion, 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 brings with him extensive experience in the field of financial services and has been working with BMW India since 2006. In the past, 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. BMW Financial Services will offer insurance solutions to its customers through its cooperation partner in India. Also in India, service excellence will be the primary focus of new operations across all business lines.
BMW Financial Services was established in 1991 and presently has subsidiaries in 31 countries besides India and is active in more than 60 countries. BMW Group Financial Services is currently serving 3 million customers with assets of Euro 70 billion globally.
The BMW Group
The BMW Group is one of the most successful manufacturers of automobiles and motorcycles in the world with its BMW, MINI and Rolls-Royce brands. As a global company, the BMW Group operates 24 production facilities in 13 countries and has a global sales network in more than 140 countries.
The BMW Group achieved a global sales volume of approximately 1.29 million automobiles and over 87,000 motorcycles for the 2009 financial year. Revenues totalled euro 50.68 billion. At 31 December 2009, the company employed a global workforce of approximately 96,000 associates.
The success of the BMW Group has always been built on long-term thinking and responsible action. The company has therefore established ecological and social sustainability throughout the value chain, comprehensive product responsibility and a clear commitment to conserving resources as an integral part of its strategy. As a result of its efforts, the BMW Group has been ranked industry leader in the Dow Jones Sustainability Indexes for the last six years.
