Press Release

Braunschweig, 1 July 2024. Volkswagen Financial Services AG and Volkswagen Bank GmbH are advancing their transformation into a comprehensive mobility services provider and have successfully completed their corporate restructuring. As part of the new structure, a majority of the German and European companies of Volkswagen Financial Services AG and Volkswagen Bank GmbH will now be consolidated in a new financial holding company supervised by the European Central Bank. From now on, Volkswagen Financial Services Overseas AG will be responsible for managing the non-European financial services business. In the new structure, Volkswagen Leasing GmbH will be operated as a subsidiary of Volkswagen Bank GmbH, in particular to be able to utilize refinancing advantages for the growing leasing business. 

Dr. Arno Antlitz, CFO and COO of the Volkswagen Group and Chairman of the Supervisory Board of Volkswagen Financial Services AG, explained: "With the new organization, we are better positioned to achieve our ambitious goals as a provider of tailored mobility solutions. This will enable us to better utilize refinancing advantages, especially in the leasing business, which continues to grow strongly. In this way, Volkswagen Financial Services can fulfill its strategic role for the Volkswagen Group even more effectively." 

Dr. Christian Dahlheim, Chairman of the Board of Management of Volkswagen Financial Services AG, stated: "With this reorganization, we have created the best conditions for sustainable growth and the implementation of our MOBILITY2030 strategy. As a result, we will be able to serve the mobility needs of our customers in the future even better." 

Both the new European financial holding company and the holding company for non-European companies will remain an integral part of the Volkswagen Group – albeit with different geographical business focuses. Kai Vogler, CEO of Volkswagen Financial Services Overseas AG, noted: "In recent years, the international financial services business has taken on an increasingly significant role. We are now consolidating these non-European business activities in Overseas and thus enabling additional international growth in dynamic markets."

With the completed restructuring, Volkswagen Financial Services AG and Volkswagen Bank GmbH have laid the foundation for the successful implementation of the Volkswagen Group strategy in the field of mobility services. The new structure also provides an excellent basis for the accelerated development of a mobility platform for the Volkswagen Group brands and at the same time takes account of the current regulatory framework. 

By consolidating business activities in a European financial services provider, the refinancing instruments of Volkswagen Bank GmbH can now also be used for the further expansion of the rapidly growing leasing business in Germany and Europe, and potential synergies can be leveraged within the existing financing and leasing companies in Europe. 

Dr. Volker Stadler, Chairman of the Management Board of Volkswagen Bank GmbH, added: "Our continuously increasing vehicle portfolio and the associated growing balance sheet require a stable and competitive refinancing structure. By reintegrating Volkswagen Bank GmbH into Volkswagen Financial Services AG, we are achieving exactly that while at the same time meeting the increased regulatory requirements of the European Central Bank."

Information for editors:

Volkswagen Financial Services AG is a wholly-owned subsidiary of Volkswagen AG and, as part of Volkswagen Group Mobility, manages the European financial and mobility services business. The aim of Volkswagen Financial Services AG is to support the sales of the Volkswagen Group brands and increase customer loyalty. The company is a longstanding partner of the dealership network – as a provider of financial services and as an aide and advisor. Its core products include vehicle leasing and financing, insurance, and other vehicle-related mobility products – both for private customers and for individual commercial customers and fleet customers. Through its subsidiary, Volkswagen Bank GmbH, Volkswagen Financial Services AG is also active in the direct banking sector. 

More information available at www.vwfs.com

Volkswagen Financial Services Overseas AG is a wholly-owned subsidiary of Volkswagen AG and, as part of Volkswagen Group Mobility, manages the non-European financial services business – with the exception of financial services activities in the USA and Canada. Volkswagen Financial Services Overseas is a close cooperation partner of the Volkswagen Group brands and supports them in vehicle sales, customer retention, and the development of new markets. The product portfolio of its respective national companies around the world ranges from vehicle leasing and financing, insurance, and maintenance products to comprehensive mobility solutions.

More information available at www.vwfs-overseas.com

Volkswagen Bank GmbH is a wholly-owned subsidiary of Volkswagen Financial Services AG and has been active in the market since 1949. The services offered by Volkswagen Bank extend from financing new and used vehicles of all Volkswagen Group brands to direct banking and dealer financing. The focus is on both private and business customers in various European markets. Today, Volkswagen Bank is the leading automotive bank in Europe and is also one of the largest direct banks in Germany.