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Friday, September 30, 2016
HomeLeadershipGMAC-SAIC Automotive Finance Company Ltd. plans $221 million 3 year bond in China

GMAC-SAIC Automotive Finance Company Ltd. plans $221 million 3 year bond in China

GMAC-SAIC Automotive Finance Company Ltd. plans $221 million 3 year bond in China

GMAC-SAIC Automotive Finance Company, Ltd. (GMAC-SAIC) plans to issue $221 million in three-year floating-rate bonds, set to be the first car financing firm to issue bonds in China, company is waiting for regulatory approval for the bond issuance. GMAC-SAIC Automotive Finance Company, Ltd. (GMAC-SAIC) is a joint venture between GMAC, one of the world’s leading financial service providers, and Shanghai Automotive Group Finance Co. Ltd. (SAICFC), one of China’s foremost non-banking finance companies and a subsidiary of Shanghai Automotive Industry Corporation Group (SAIC).

GMAC-SAIC Automotive Finance Co., Ltd.became China’s first approved and operational automotive financing company when it opened for business in August 2004. It also supports Shanghai GM dealers by providing financing for their vehicle inventories.

In August 2009, China said it would allow car financing companies and leasing firms to issue bonds as part of its aim of deepening the nation’s illiquid bond market and weaning companies off of their reliance on bank lending. GMAC-SAIC has one of the most extensive business networks in China.

GMAC-SAIC was the first approved and operational automotive finance company in China. GMAC Financial Services is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. SAIC FC, a subsidiary of Shanghai Automotive Industry Corp. Group, is one of China’s most successful non-banking finance companies.

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Editor, Megan Batchelor Verified account

Research Editor at CEOWORLD Magazine
A journalist with over 7 years of experience in media, frequent speaker at industry events, and a commentator on CEOWORLD Magazine multimedia online service. A very clever editor, with good market understanding. Stubborn, eager and with a well-developed sense of justice.Megan worked for major companies in Silicon Valley, including Sony Electronics, Hewlett-Packard, Yahoo, and Intel working in various marketing, social media, and community management roles.
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