VW Financial Services buys MAN finance firm
Volkswagen Financial Services has acquired MAN Finance International
Volkswagen Financial Services AG has acquired MAN Finance International GmbH.
The deal became efffective on 1 January and the purchase will allow the VW finance arm – Europe’s largest automotive financial services provider – to expand its business to include financing, leasing, and rental activities for MAN Truck & Bus.
VW bosses hope the move will strengthen the company’s financial service activities within these areas, and boost sales.
“Truck and bus activities will become the core business at Volkswagen Financial Services,” commented Frank Witter, chairman of the Board of Management at Volkswagen Financial Services.
“In taking over the financial services activities of MAN SE, we are growing further with the group's brands. Our medium-term aim is to position MAN financial services as a benchmark for the truck and bus business.”
Headquartered in Braunschweig, Germany, Volkswagen Financial Services is a wholly owned subsidiary of Volkswagen AG. The company, which is responsible for coordinating the financial service activities of the Volkswagen Group, has 9,147 employees worldwide, 5,136 of whom are based in Germany. The firm’s total assets as of 30 June 2013 reached almost $119.9bn (€88bn).
MAN Finance International’s services include leasing and hire purchase through credit solutions for the trucks and buses of MAN Truck & Bus. As of 30 June 2013, the company had 515 employees and its total assets amounted to $4.6bn (€3.4bn).
“Building the infrastructure, resources, and knowhow of Volkswagen Financial Services AG and MAN Finance International GmbH allows both sides to benefit and enables the development of end-to-end transportation solutions for the customers of MAN Truck & Bus and in other markets too,” explained Dr Georg Pachta-Reyhofen, CEO of MAN SE. “MAN Finance remains the sole sales promoter for MAN Truck & Bus AG.”