Press Releases

date

 
Braunschweig/Vancouver,
December 28, 2016

Volkswagen Financial Services purchases world's largest provider of parking payment services PayByPhone

Volkswagen Financial Services AG has acquired PayByPhone, the world's leading provider of cashless payment systems for parking, from PayPoint plc on 23 December 2016. PayByPhone is based in Vancouver, Canada and also operates in the USA, France, Great Britain, Switzerland and Australia.

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Braunschweig,
December 2, 2016

Volkswagen Financial Services report a successful year 2016

Volkswagen Financial Services have continued to grow during the 2016 financial year and the company will once again be making a substantial contribution to the Volkswagen Group earnings. The operating result will exceed the two billion euro mark for the first time (previous year: EUR 1.92 billion). On the basis of the preliminary figures, the overall level of current contracts is expected to rise by 9.2 percent to reach more than 18.12 million (2015: 16.59 million). "We have continued our successful growth course of the past few years during the challenging 2016 financial year as well," says Lars Henner Santelmann, CEO of Volkswagen Financial Services AG.

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Braunschweig,
November 23, 2016

Volkswagen Financial Services placed Auto ABS in China

Volkswagen Financial Services have successfully placed their fifth and to date largest Chinese Auto Asset-Backed Securities (ABS) transaction. The securitisation transaction, Driver China five, which is backed by vehicle financing contracts from Volkswagen Finance China, has a volume of around four billion renminbi (RMB), or approximately 547 million euros. This is the third ABS transaction issued by Volkswagen Financial Services in China this year alone. 

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Braunschweig,
November 1, 2016

Volkswagen Financial Services secure their growth path with a new organisational set-up

Volkswagen Financial Services AG has initiated a corporate restructuring. The Supervisory Board has approved its implementation today. The plan is to bundle the credit and deposit business within the European Economic Area (EEA) in Volkswagen Bank GmbH, which will then become a wholly owned subsidiary of Volkswagen AG. All other activities will remain with Volkswagen Financial Services AG, which is also a direct subsidiary of Volkswagen AG. Through a new company, Volkswagen Financial Services Digital Solutions GmbH, selected and innovative services will be developed and provided to its parent companies Volkswagen Bank GmbH and Volkswagen Financial Services AG. The new structure is still subject to approval by the Supervisory Board of Volkswagen AG.

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Braunschweig,
October 31, 2016

Volkswagen Financial Services well on course after nine months

Volkswagen Financial Services remain on growth course after the third quarter of 2016. New contract acquisitions worldwide increased by 13.7 percent to around 5.66 million. The overall level of current contracts also showed a significant rise of 10.3 percent compared to the same period last year and reached a figure of more than 17.85 million at the end of September.

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Braunschweig,
October 13, 2016

Volkswagen Financial Services successfully placed leasing receivables

Volkswagen Financial Services have successfully placed their 24th Auto Asset-Backed Securities (ABS) transaction to securitise leasing contracts, VCL 24. The Volume of the transaction amounts to around EUR 1.25 billion. The VCL 24 transaction was placed in a bookbuilding process. The Class A Notes were priced at 1-month Euribor plus 25 basis points, and the Class B Notes were priced at plus 65 basis points. The order books were oversubscribed 2.5 times (Class A) and 3.5 times (Class B) at placement pricing levels. 

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Braunschweig,
October 7, 2016

Volkswagen Financial Services again placed bond in ruble

Volkswagen Bank RUS LLC, a subsidiary of Volkswagen Financial Services AG, has placed a bond in rubles (RUB) on the Russian capital market with a volume of RUB five billion (around EUR 71 million) for the second time this year. The transaction is part of the local issuance programme of Volkswagen Bank RUS LLC totalling 100 billion rubles. The rating agency Standard & Poor's assesses the credit quality of the bond with the grade "BB+" at the level of the Russian Federation.

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Braunschweig, 4 August 2016,
August 4, 2016

Volkswagen Financial Services report successful first half-year 2016

Volkswagen Financial Services have successfully completed the first half-year of 2016 with an operating result of EUR 995 million (previous year: EUR 970 million; plus 2.6 percent). New contract acquisitions worldwide increased by 14.4 percent to almost 3.8 million. The overall level of current contracts also showed a significant rise of 9.5 percent compared to the same period last year and reached a figure of almost 17.4 million at the end of June.

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