Santander's JV with Jianghuai Automobile approved

By Li Fangfang | chinadaily.com.cn | Updated: 2013-01-31 16:17

Spanish lender Banco Santander SA has received Chinese regulatory approval to form a 50-50 joint venture with 皇冠体育app's seventh-largest automaker, Jianghuai Automobile.

The joint venture — Fortune Auto — with a registered capital of 500 million yuan ($79.50 million) makes Santander one of the first foreign banks to get a car finance license in the world's largest automobile market.

The joint venture will provide auto financing services to cars made by JAC and other brands, the bank said.

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