BMW Group launches BMW financial services as a new business entity in India. It has 24 production facilities in 13 countries, global sales network in more than 140 countries, is one of the most successful manufacturers of automobiles and motorcycles in the world and it is going to take up another lucrative venture with the launch of BMW Financial Services in India.

BMW Financial Services is a 100 percent subsidiary of the BMW Group and is headquartered in Gurgaon (National Capital Region). It received the license to operate as a Non-Banking Finance Company (NBFC) from the Reserve Bank of India (RBI). It is expected that in 2010, the Group will invest US dollar 50 million (Rupees 2.3 billion) in BMW Financial Services in India.

Speaking on the occasion, Mr. Georg Bauer, CEO, BMW Group Financial Services said, "We are making great strides in implementing our India strategy and giving the BMW Group a significant competitive edge. The launch of BMW Financial Services in India is a critical element of the market expansion strategy of the BMW Group and will provide the necessary momentum to sustain the market leadership position."

Mr. Sanjiv Shah has been appointed as the Managing Director and CEO of BMW Financial Services in India. Mr. Shah brings with him extensive experience in the field of financial services and has been working with BMW India since 2006. In the past, he has headed several business projects in USA and India.