Volkswagen Financial Services and Allianz SE will form a JV to sell car insurances to VW customers all over the world.
The joint venture will be called Volkswagen Autoversicherung AG and it will begin operations on April 1st, 2013, offering VW customers a single package including guarantee, insurance and financing when purchasing their car. Allianz will own 51% of the voting rights and 49% of the JV’s capital, while VW Financial will own 51% of the capital and 49% of the voting rights.
“With this planned joint venture, we are continuing the development of Global Automotive as a strategic partner of the automotive industry. We are happy to have the leading global multi-brand car manufacturer Volkswagen by our side,” says Karsten Crede, CEO of Allianz Global Automotive.
Volkswagen Financial Services is a subsidiary of VWFS AG in Braunschweig Germany, and it includes the VW Bank and VW Insurance Service in the UK. Currently VWFS offers competitive insurance and finance products to more than 700 retailers nationwide, representing brands such as Bentley, Audi, Skoda, SEAT, Lamborghini and VW Commercial Vehicles.
VWFS UK was established in 1994 and is the second-largest finance subsidiary after parent company VWFS Germany, established in 1949.