Link Securities | BBVA (BBVA) and Banco Santander (SAN) have reached agreements with Geely and GAC Motor to finance nearly 30,000 vehicles in the Mexican market in one year, a market that both entities consider strategic, according to Expansión newspaper on Friday.
BBVA and Geely have signed an agreement whereby the bank will be the exclusive financier of the Asian brand in the country through the launch of Geely Financial Services. BBVA expects to formalise around 18,000 car loans by 2024, capturing up to 60% of the carmaker’s loans.
In the same vein, Santander and the Chinese multinational GAC Motor have also just announced a strategic alliance whereby the bank will be the financial arm for the acquisition of vehicles from GAC Mexico. With this alliance, it plans to finance 10,000 GAC units next year.