By Joanne Chiu
China's regulators have approved a plan by Brilliance China
Automotive Holdings Ltd. (1114.HK) to set up an auto-financing
joint venture with Hong Kong's Bank of East Asia Ltd. (0023.HK) and
Spain's CaixaBank S.A. (CAIXY) in the country.
Brilliance-BEA Auto Finance Co., 55% owned by the Hong
Kong-listed Chinese car maker, will focus on financing dealers for
the purchase of automobiles and providing car loans to individuals
and companies, it said Wednesday.
Bank of East Asia and CaixaBank each hold a 22.5% stake in the
joint venture, it added.
Brilliance China, which produces BMW cars in China under a joint
venture with the Germany' s BMW AG (BMW.XE), said it would continue
to explore business co-operation opportunities with its joint
venture partners in the automobile industry.
Write to Joanne Chiu at joanne.chiu@wsj.com
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