Green light for Santander car loans
Santander’s Chinese car loans joint venture Fortune Auto Finance has been given approval by the country’s authorities, the Spanish bank announced yesterday. The partnership with Anhui Jianghuai Automobile Company will see each side own 50 per cent of the finance firm, with each naming three members of the boar and Santander naming the chief executive. The firm is being set up with 500m yuan (£49.9m). “For Santander, participation in Fortune represents a potentially large source of growth and will give us very valuable on-the-ground experience in lending in China,” said regional head Juan San Roman.