Clifford Chance has recently advised Banco Santander on its auto financing joint venture with Chinese automobile manufacturer Anhui Jianghuai Automobile Co (JAC).
The deal, with around $80 million of initial capital, has received the approval of the China Banking Regulatory Commission.
A leading car financier in Europe and the U.S., Santander has expanded its foothold in China's automobile market through this investment. JAC is a Chinese automaker with a comprehensive product portfolio, with over 448,000 sales in 2012. The two parties each have a half stake in the independent company.
Partner Emma Davies led the Clifford Chance team, which consisted of senior associate Chen Hao, on this deal.
“We are delighted to have assisted Santander on this exciting development in the Chinese market,” she said in a statement.
“Santander will now be able to bring its car financing expertise to China, the world’s largest market for automobiles with an estimated 19 million cars sold in 2012.”
JAC was advised by Chinese firm Jun He on the deal.
Liu Zhen is China senior journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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