Siemens sets up leasing unit in China to expand financing business

BEIJING (AFX) - Siemens Ltd China said its financing arm, Siemens Financial Services, has set up a proprietary leasing unit in China to expand financing business into the Chinese market.

Beijing-based Siemens Finance and Leasing Ltd, 100 pct owned by Siemens, will provide services to customers of Siemens as well as to external vendor partners in China, the German company said in a statement.

"By entering China, we recognize the growing need for sales financing solutions in this important market," said Kari Kupila, head of the worldwide equipment and sales financing at Siemens Financial Services.

"The new leasing company allows Siemens to offer a one-stop-shop for customers - that is advanced technology solutions, services and financing from a single source," Kupila said.

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