Volkswagen Financial Services AG has acquired MAN Finance International GmbH, headquartered in Munich, effective January 1, 2014. The purchase enables Europe’s largest automotive financial services provider to expand its business to include financing, leasing, and rental activities for MAN Truck Bus. It aims to strengthen financial service activities in this area and particularly boost sales targets through this.
“Truck and bus activities will become the core business at Volkswagen Financial Services,” says Frank Witter, Chairman of the Board of Management of Volkswagen Financial Services AG. “In taking over the financial service 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,” adds Frank Witter.
“Bundling the infrastructure, resources, and know-how 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. MAN Finance remains the sole sales promoter for MAN Truck Bus AG,” explains Dr. Georg Pachta-Reyhofen, Chief Executive Officer of MAN SE.
Volkswagen Financial Services AG is a wholly owned subsidiary of Volkswagen AG and headquartered in Braunschweig, Germany. It is responsible for coordinating the global financial service activities of the Volkswagen Group. Volkswagen Financial Services AG has 9,147 employees worldwide – 5,136 of whom work in Germany. Total assets on June 30, 2013, reached almost €88 billion and the number of contracts around 8.3 million.
MAN Finance International GmbH’s services range from leasing and hire purchase through credit solutions for the trucks and buses of MAN Truck Bus. It is a reliable partner for its customers, helping them to make their ventures easy to forecast and budget. As of June 30, 2013, the company had 515 employees and its total assets on this date amounted to €3.4 billion.