(Yicai Global) July 3 -- A sales unit of Chery Automobile and Postal Savings Bank of China have agreed to work together to offer loans as well as wide-ranging and handy financial services to car buyers in China.
The Beijing-based lender recently signed an agreement with Wuhu-based Chery Auto Sales on the collaboration, online media outlet China News reported today.
PSBC will use its network's venues to host themed events to show off and sell new Chery models and provide financial consulting services. It will also offer preferential policies on vehicle loans and provide a one-stop auto finance experience.
The bank has been pushing deep into the auto finance sector, relying on its parent China Post Group's service network of logistics, e-commerce and other businesses and its powerful channel resources.
Chery is also building channels to explore new retail avenues for cars. Car sales in China are quickly shifting focus to third- and fourth-tier cities and counties, ushering in new opportunities for fast growth in the market.
PSBC had almost 40,000 branches and 587 million personal clients at the end of May, covering 99 percent of Chinese cities and counties. These are the bank's advantages in serving the car industry and offering auto finance services.