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Santander Consumer to buy into Bank of Beijing Consumer Finance

Mar. 7, 2012 (China Knowledge) - Bank of Beijing Co Ltd <601169>, China's largest city lender by assets, announced today that Santander Consumer Bank AG, a unit of Banco Santander S.A., has agreed to invest RMB 306 million in the consumer financing unit of the Chinese bank.

Bank of Beijing said in a statement filed with the Shanghai Stock Exchange that Santander Consumer Bank would hold a 20% stake in Bank of Beijing Consumer Finance Co after the investment, which is subject to approval from both Chinese and Spanish regulators.

Bank of Beijing Consumer Finance, one of the first consumer finance companies set up in China, opened in March 2010.

Chinese consumer finance companies can provide loans only for the purchase of durable goods and consumer expenditures on others such as tourism and education. Loans for home and auto purchases are not allowed.

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