• The company has been granted authorization by the Chinese regulator.

The joint venture set up by FinConsum, CaixaBank's consumer finance arm, Credit Gain, a subsidiary of The Bank of East Asia (BEA), and Brilliance, a Chinese auto manufacturer, has been granted approval from the local Chinese regulator to begin financing auto purchases in the country.

The joint venture will be called Brilliance BEA Auto Finance Company (BBAFC) and has share capital of 800 million yuan (around 115 million euro). Brilliance controls 55% of capital, while FinConsum and Credit Gain hold 22.5% each. The company will have its headquarters in Pudong, the financial district of Shanghai.

BBAFC will initially provide several financial products and services to dealers and clients, with the emphasis on financing purchases of automobiles for both individuals and businesses. The license also means BBAFC can provide vehicle leasing services. The three companies will also explore further partnership opportunities in other fields.

Brilliance brings to the joint venture a large network of 500 auto dealerships across China, with annual vehicle sales of 570,000, as well as its expertise in the auto sale industry, while CaixaBank brings extensive experience in auto financing via dealerships and risk management expertise, and BEA its expertise in Chinese banking and financial markets.

China is the world's largest auto market, with annual sales standing at some 22 million cars and double-digit growth expected over the coming years.

The joint venture will strengthen the strategic relationship between CaixaBank and BEA, the fifth largest bank by assets and the largest local independent bank in Hong Kong. CaixaBank currently holds an 17,17% stake in BEA. The Chairman of CaixaBank, Isidro Fainé, is a member of the board at BEA, while Arthur K. C. Li, the Deputy Chairman of BEA, sits on the board of CaixaBank.

About FinConsum

FinConsum is CaixaBank's consumer lending arm. The subsidiary holds business partnerships with more than 11,000 merchants and dealerships, and has financed purchases for more than 4 million people. As of year-end 2014 FinConsum had granted more than 850,000 loans, with 906 million euro in new loans and a lending book worth around 1.25 billion euro.

About CaixaBank

CaixaBank is the Spanish banking sector's largest institution, with 13.4 million customers, a branch network of 5,251 branches and business volume of 468,943 million euros. Additionally, CaixaBank -a substantial shareholder of BEA- leads the Spanish life and non-life insurance and pensions market through VidaCaixa (9 million customers) and the asset management market with InverCaixa. The bank, overseen by Chairman Isidro Fainé and CEO Gonzalo Gortázar and headquartered in Barcelona (Spain), has consolidated its leading position in retail banking thanks to its strong commercial operations, risk-appropriate management, foresight and consistent innovation.

CaixaBank's focus is on Spain, but it also has an established international network with bank investments of some €4.4 billion. CaixaBank's international strategy is to internationalise the business in economies with high growth potential and collaborate closely with international partners to increase its services

About The Bank of East Asia, Limited

Incorporated in 1918, BEA is Hong Kong's largest independent local bank, with total consolidated assets of HK5.9 billion (US2.6 billion) as of 31st December, 2014. The Bank is listed on The Stock Exchange of Hong Kong, and is a constituent stock of the Hang Seng Index.

BEA offers customers a comprehensive range of commercial banking, personal banking, wealth management, and investment services through an extensive network of more than 240 outlets covering Hong Kong and the rest of Greater China, Southeast Asia, the United Kingdom, and United States. For more information, please visit any BEA branch or the Bank's homepage at www.hkbea.com.

Credit Gain is a wholly-owned subsidiary of BEA. It is a non-bank financial institution engaging in consumer finance with its business focus in Hong Kong.

About Brilliance China Automotive Holdings Limited

Founded in 1992, Brilliance China is engaged in the manufacture and sale of minibuses and automotive components through its major operating subsidiaries on the Mainland. Brilliance China holds 50% shareholding in BMW Brilliance Automotive Ltd. to produce and sell BMW vehicles in China.

Brilliance China's substantial shareholder is Huachen Automotive Group Holdings Company Limited.

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