- Volkswagen, the German car manufacturer, is planning to launch a series of credit cards and banking products this year.
The launches are likely to be spearheaded by a telephone banking service. The first telephone-based product is likely to be a savings account that will include a windfall discount scheme linked to buying a new car.
The move comes several years after VW set up a UK financial services operation to offer business development loans to VW dealers and hire purchase deals to car buyers.
The move to set up an entire banking service will see the company advance considerably further into the consumer financial services market than rivals Ford and General Motors, both of which have in recent years launched credit card schemes.