NEW BANK BRANCH LAUNCHED BY VWFS UK

On 4 th January 2005, Volkswagen Financial Services (UK) Limited (VWFS UK Ltd.) successfully launched the UK branch of Volkswagen Bank GmbH.

In line with the VWFS AG strategy of expansion, the launch of a bank branch in the UK represents a positive step forward in the organisation’s development.

Due to its new bank status the UK FS operation is now able to consider new product and service developments that will meet the demanding needs of dealers and customers. These developments could also assist to improve customer retention and maximise earnings potential.

The immediate benefits realised by bank status include the acquisition of a majority of the dealer funding business from VWFS UK Ltd. for € 1.2bn, with new receivables being purchased on a daily basis.

Other benefits include a reduction in the cost of funding, which will help enable the UK operations to remain competitive in an increasingly challenging market.

This strategically important, and highly complex, project was delivered on time and under budget by a UK project team, with strong support from colleagues in Germany.

VWFS UK Ltd. Managing Director, Graham Wheeler, said; ‘The successful delivery of this project is thanks to effective team working between the German and UK FS operations.

‘By drawing on the breadth of skills and knowledge that exists throughout the group we were able to formulate a team of committed individuals that worked tirelessly to ensure that our common business objectives were met. Not only were they met, they were delivered on time and under budget.