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7 July 2010 - Gide Loyrette Nouel advises Société Générale subsidiary on auto finance joint venture for the Chinese market:
Gide Loyrette Nouel (GLN) has advised auto finance company Compagnie Générale de Locations d’Equipement (CGL), a subsidiary of Société Générale Consumer Finance, on a joint venture with BYD Company Limited, one of China’s fastest growing automotive manufacturers.
The newly created company, to be known as BYD Auto Finance Company Limited (BYD Auto Finance), is expected to start operations in early 2011 and will provide auto financing for mainland China’s burgeoning car market, including customer loans for new vehicles.
Shares in BYD Auto Finance will be 20% owned by CGL and 80% owned by BYD Company Limited. The establishment of BYD Auto Finance is subject to the approval of the Chinese authorities and, in particular, the China Banking Regulation Commission.
GLN advised CGL in the negotiations and incorporation of the joint venture with BYD Company Limited, including the preparation of all relevant legal documentation.
The GLN team was led by partner Guillaume Rougier-Brierre, with assistance from Jiang Chuan in GLN’s Beijing office and Cécilia Della Berta in GLN’s Paris office.
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