Daimler is expanding financial services

Daimler is expanding financial services

Daimler Financial Services, together with the Welcome Group, is taking over the financial services business of Wiesenthal Autohandels AG with a contract portfolio of around 100 million euros. Welcome Bank GmbH changed its name to Mercedes-Benz Bank GmbH on October 30, 2015, and the leasing and insurance companies were merged with Mercedes-Benz Financial Services Austria GmbH. “We want to double our local portfolio to around one billion euros by 2020,” explains Franz Reiner, member of the board of Daimler Financial Services AG responsible for European business. With the takeover, Daimler Financial Services in Austria completes its product portfolio to include the financing of new and used vehicles as well as dealer inventory financing. Previously, the financial service provider could only offer leasing and insurance. The Welcome Group will be integrated into the activities of Daimler Financial Services in Austria; existing customers will retain their contracts. For Wiesenthal Autohandels AG, the sale of the Welcome Group is a strategic decision: "We focus on our core business, automobile sales and professional customer service. Mercedes-Benz Financial Services is the financial service provider where we can be sure that our customers will continue to receive the best possible care in the future," says Alexander Martinowsky, CEO of Wiesenthal Autohandels AG.