VW has made it its mission to become a comprehensive mobility service provider.
(Photo: dpa)
Frankfurt The Wolfsburg-based carmaker Volkswagen is bringing its financing and leasing business in Europe under one roof again. The Volkswagen Bank is to be bundled with the European business of the leasing and insurance subsidiary Volkswagen Financial Services AG in a joint holding company, as the two group companies announced on Wednesday evening.
Volkswagen Leasing GmbH becomes a subsidiary of Volkswagen Bank. VW is thus drawing the consequences of the strong growth in the leasing business. The ever-growing vehicle fleets have to be refinanced, which is easier and probably cheaper through the Volkswagen Bank.
“By bundling the activities in a European financial service provider, the refinancing strength of Volkswagen Bank GmbH can be optimally used for the growth of the leasing business in Germany and Europe,” the statement said. VW has made it its mission to become a comprehensive mobility service provider. In the future, Volkswagen Financial Services will only be responsible for the non-European financial services business. The restructuring is to be implemented by the middle of next year.
In terms of organization, the carmaker is making a U-turn after a good six years. In 2016, he separated Volkswagen Bank from Volkswagen Financial Services and attached it directly to Volkswagen AG. Since then, only the banking and lending business in Europe has been under the supervision of the European Central Bank (ECB). In the future, the entire European financial holding company will be monitored by the ECB, the group said.
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