SocGen, Baosteel forms China auto-leasing venture - News

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SocGen, Baosteel forms China auto-leasing venture

By: AFX | 10 Nov 2009 | 05:36 AM ET

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SHANGHAI, Nov 10 (Reuters) - French bank Societe Generale (SocGen) has formed an auto-leasing venture with China's biggest steelmaker Baosteel Group, aiming to build a fleet of 10,000 vehicles in five years. The Shanghai-based venture, equally owned by SocGen unit ALD Automotive and Baosteel's financial arm Fortune Trust, had a registered capital of 50 million yuan ($7.3 million) and would serve multinationals in China and major Chinese state-owned enterprises, the companies said in a joint statement on Tuesday. Sixty-two-year-old ALD Automotive is one of the biggest auto-leasing company in Europe, and 80 percent of its global clients have investments in China. SocGen and Baosteel also own another venture in China, Fortune SGAM Fund Management Co. (US$1=6.832 Yuan) ((Reporting by Samuel Shen; Editing byv Chris Lewis)) ((samuel.shen@reuters.com; +86 21 6104 1789; Reuters Messaging: samuel.shen.reuters.com@reuters.net)) Keywords: CHINA SG BAOSTEEL/VENTURE (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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