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Daimler Receives Licence for Financial Services Business in India

Posted by | April 25, 2011 .

Daimler Receives Licence for Financial Services Business in India

- Market Entry Planned for 3rd Quarter of 2011 With own Company Subsidiary

PR Newswire — April 25, 2011

CHENNAI, India and BERLIN, April 25, 2011 /PRNewswire/ — Daimler AG received approval from the Reserve Bank of India to setup a “Non-Banking Finance Company” for its financial services business in India. The newly founded Indian company, Daimler Financial Services India Private Limited, will be a 100% subsidiary of Daimler AG and is expected to be operational in the 3rd quarter 2011.

“With business activities in over 40 countries, Daimler Financial Services is one of the leading automotive financial services companies in the world. Every second passenger car and every fourth commercial vehicle from Daimler is financed or leased by us. India is one of the fastest growing automotive markets and Daimler Group has high expectations from this market.” said Richard Howard, Member of the Board of Management of Daimler Financial Services AG responsible for the region Africa & Asia/Pacific.

“Daimler Financial Services India will support the sales of Mercedes-Benz cars and Daimler trucks as we see a large demand for financing solutions in the market. We will initially invest upwards of 50 million US dollars as part of market entry.”

“By providing innovative and customized finance and insurance solutions to dealers and customers, we intend to enrich the ownership experience of Mercedes-Benz and BharatBenz branded automotive products, under the Mercedes-Benz Financial and BharatBenz Financial labels”, said Sidhartha Nair, Managing Director of Daimler Financial Services India Private Limited.

The product range of Daimler Financial Services in India will include financing, leasing, insurance and dealer financing for Mercedes-Benz passenger cars at market launch. The commercial vehicle finance products will be offered, for the newly developed Daimler truck brand for the Indian market, BharatBenz, in 2012 after the start of truck production in Oragadam, close to Chennai.

Daimler Financial Services AG, the financial services arm of Daimler AG based in Berlin, has shown strong growth in the three other “BRIC markets”: Until year-end 2010, contract volume of Daimler Financial Services in Russia increased by 25% compared to the year before, in Brazil the increase was at 35% and in China even at 100%.

Further information from Daimler Financial Services is available on the internet at: http://www.media.daimler.com and http://www.daimler.com

About Daimler Financial Services

Daimler Financial Services supports the Daimler group’s automotive sales by offering tailor-made financial services. With a comprehensive product portfolio ranging from financing, leasing and insurance concepts to fleet management, the company manages a contract volume of EUR63.7 billion at year-end 2010. Every second passenger car and every fourth commercial vehicle of the Daimler group sold worldwide is financed or leased by Daimler Financial Services. In close cooperation with the Daimler brands, Daimler Financial Services increases customer loyalty and develops new earnings potential for the Daimler group. The company, based in Berlin/Germany, is active in 40 markets and has more than 6,000 employees.

Disclaimer

Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for discharge of liability by the company. Neither is there any provision in law to keep, nor does the company keep any part of the deposits with the Reserve Bank and by issuing the Certificate of Registration to the company, the Reserve Bank neither accepts any responsibility nor guarantee for the payment of the deposit amount to any depositor.

Contact: Telephone: Manas Dewan +91-2135-673906 Christian Müller +49-30-2554-1138

Subject Codes: PC/t.110425064739634, PR/dest.Public, PT/lang.en, RE/Germany, RE/India, IN/AUT, IN/FIN, SU/CXP

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