Siemens Financial Services (SFS) is expanding its financing business into the Chinese market. The company today announced the launch of a proprietary leasing company in China, the Siemens Finance and Leasing Ltd (SFLL). SFLL has been awarded the leasing license by relevant government bodies and is one of the first 100% foreign owned lessors in the financial services sector in China.
The company will provide its services to customers of Siemens as well as to external vendor partners in China. Siemens was the first foreign company to establish a captive financing operation in China in 1997 under the name of Siemens Financial Services Ltd. with its focus on group treasury activities.
China is one of the key markets worldwide for Siemens (see February issue of CF). With the "Twelve-Point Program for Profit and Growth" announced in May 2004, Siemens aims to further expand its strong position in the Chinese market by increasing market penetration, implementing growth strategies for all operating Groups, leveraging China's talent potential and expanding China's role in Siemens' global value chain. By establishing Siemens Finance and Leasing Ltd Siemens is able to offer its substantial expertise and comprehensive finance solutions to local customers nationwide.