FOR IMMEDIATE RELEASE
28 May 1999
NISSAN FINALISES SALE OF FINANCE COMPANIES TO RENAULT
Nissan Europe NV has finalised the sale of five European ‘captive’ finance companies in Germany, the UK, Spain, Italy and the Netherlands to Renault Crédit International (RCI) for DM570 million, and in doing so, recorded the first concrete co-operation with its new global alliance partner, Renault. Operations are expected to begin on 2 June.
By teaming up with RCI, one of the leading financial institutions in the European auto industry, Nissan aims to broaden the services available to customers requiring car financing schemes.
“This is the very first partnership of the new global alliance between Nissan and Renault,” said Seiichi Mihara, Nissan Europe’s vice president corporate strategy. “It is good news for Nissan, good news for Renault, and most importantly, good news for our dealers and customers.
“Renault’s strength and experience in the field of personal finance will help us to provide a wider range of services - and at a time when we are about to launch major new models in Europe,” he added.
The sale of these companies represents a key step in the new global alliance between Nissan Motor Co. Ltd and Renault, which was announced in March. Furthermore it follows the direction of Nissan’s Global Reform Plan to reduce interest-bearing liabilities and focus on core business.
Nissan is the leading Japanese auto brand in Europe, with mature European operations including styling, design and development, manufacturing, sales, finance and industrial machinery. More than 15,000 people are directly employed in these facilities, with additional jobs created in over 4,000 dealerships across Europe.
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FOR FURTHER INFORMATION CONTACT:
Stewart McKee Corporate Affairs Manager 01923 899936
Email: stewart.mckee@nissan.co.uk
Daniel Ward Corporate Affairs Director 01923 899930
E-mail: daniel.ward@nissan.co.uk
24829/282599