nissan, Dongfeng open Auto Finance Company In China

DNAF will provide new car retail financing for Nissan and Infiniti customers across China, as well as inventory financing for dealers of both brands. DNAF will provide dealership finance services in Shanghai, Beijing and Shenzhen, and expects to extend its services gradually to other major cities in China within two years. Retail financing will be available in major cities including Shanghai, Beijing, Guangzhou, Shenzhen, Wuhan and Hangzhou.

DNAF was officially established in late October 2007 with a staff of 40, following approvals from the China Banking Regulatory Commission (CBRC).

The new company is capitalized at 500 million yuan (US $68.7 million). NML holds a 65% stake in the company, while DFG owns the remaining 35%. The company's board members are comprised of the following five directors with three assigned from NML and two from DFG:

Chairman of DNAF, Mr. Liu Zhangmin, President of DFG
Vice Chairman of DNAF, Mr. Joji Tagawa, Corporate Vice President at NML
Director and President of DNAF, Mr. Katsumi Ishii
Director and Vice President of DNAF, Mr. Yin Yaoliang
Director of DNAF, Mr. Yasuaki Hashimoto, Corporate Vice President at NML

DNAF intends to maximize the value of Nissan and Infiniti brands by providing competitive financial products, and will leverage NML's expertise in global finance business and DFG's experience and influence in China operation for Nissan and Infiniti brands' dealers and customers.

DNAF is Nissan's sixth auto financing company, and will be part of a global network of financing operations, which include companies based in Japan, the United States, Canada, Mexico and Thailand.-Nissan