Initially, the two companies will create a service for individuals that will be launched on May 2nd. 2007. Volkswagen Financial Services will be in charge of product and business development as well as marketing and sales. All other functions such as operations, risk management and treasury will be carried out by HSBC Bank Argentina.
Burkhard Breiing, CEO of Volkswagen Financial Services AG, said: “Argentina is one of the ten most significant car markets for the Volkswagen brand worldwide. We are glad to have an outstanding international partner such as HSBC on our side to gain success in this promising market”.
Antonio Losada, CEO of HSBC Argentina, said: “HSBC is a major player in the car loan market in Argentina. Through this partnership with one of the worldwide leading automobile financial services institutions we will be able to deliver tailor-made products to Volkswagen and Audi customers and further strengthen our leadership position in the market”.
Volkswagen Financial Services AG HSBC Argentina
Tel: +49 5 31 / 2 12 54 70
Fax: +49 5 31 / 2 12 27 27
Tel: +54 11 / 4344 3202
Fax: +54 11 / 4331 3960