DaimlerChrysler Seeks License to Open U.S. Bank

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00027319-daimlerchrysler-seeks-license-to-open-us-/

DaimlerChrysler intends to launch its own bank in the United States as a way to reduce borrowing costs, the head of the German-American carmaker’s financial services division said.

“We hope to get approval in the first quarter of 2006,” Juergen Walker told journalists in Berlin on Tuesday night.

The bank could operate across the United States by gaining a license in the state of Utah as long as it is organisationally separate from the group’s car business, Walker explained.

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DaimlerChrysler Seeks License to Open U.S. Bank

Unknown Author

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