Fiat moves into banking
The bank this Monday, June 15, will begin granting credits for retail and fleet customers as well as its own dealers. The banking subsidiary of the Italian car maker received an operational permit from the National Bank of Poland (NBP) on June 5, said Maciej Brzozowski, a spokesman for Fiat Polska.
"The goal of the bank is to boost Fiat sales," he added. Fiat has offered customers financing since 1994, but it has extended credits through cooperation with four banks.
"With our own bank it will be easier to coordinate all activities," Brzozowski said.
Fiat Bank becomes the third auto-related bank in Poland. Ford Bank and Opel Bank are already present. A fourth car bank is expected later this year when Volkswagen Bank expects to start operations.
Although Fiat will now have its own bank, its dealers will be free to use other banks for loans to customers, Brzozowski said, forcing Fiat Bank to compete for dealers' business.
The bank will also try to attract business from Fiat's dealers by offering quick credit decisions. "Initially the credit decision will be made within one hour, later this year it will be half an hour," Brzozowski said.
Fiat Bank, which employs 100 staff, will be managed by Andrzej Bak, who moved from Bank Slaski to become board president at the new bank. The bank is hoping to provide by the end of the year financing for 25,000 cars, Brzozowski said. In 1997, Fiat sold 167,000 cars in Poland.
"The goal of the bank is to boost Fiat sales," he added. Fiat has offered customers financing since 1994, but it has extended credits through cooperation with four banks.
"With our own bank it will be easier to coordinate all activities," Brzozowski said.
Fiat Bank becomes the third auto-related bank in Poland. Ford Bank and Opel Bank are already present. A fourth car bank is expected later this year when Volkswagen Bank expects to start operations.
Although Fiat will now have its own bank, its dealers will be free to use other banks for loans to customers, Brzozowski said, forcing Fiat Bank to compete for dealers' business.
The bank will also try to attract business from Fiat's dealers by offering quick credit decisions. "Initially the credit decision will be made within one hour, later this year it will be half an hour," Brzozowski said.
Fiat Bank, which employs 100 staff, will be managed by Andrzej Bak, who moved from Bank Slaski to become board president at the new bank. The bank is hoping to provide by the end of the year financing for 25,000 cars, Brzozowski said. In 1997, Fiat sold 167,000 cars in Poland.
