Motorola announced that China Banking Regulatory Commission has approved Motorola to set up a wholly-owned finance company in China.
Located in the Binhai New Area of Tianjin, the new company named Motorola (China) Finance Limited has a total registered capital of CNY100 million and will provide financial services for Motorola's subsidiaries, joint ventures and affiliates in China. Motorola hopes to promote its business development in China by setting up this finance company.
Year 2007 marks the twentieth anniversary of Motorola in China. 2007 also marks the fifteenth anniversary of Motorola's investment in Tianjin. Motorola's Tianjin facility has grown into one of the company's largest manufacturing bases worldwide and is playing an important role in the company's global supply chain strategy.
"MCFL will provide more diversified and flexible financial services to support Motorola's business growth in China's highly competitive market. Motorola values its strategic partnership with Tianjin city and the incorporation of MCFL once again proves the company's firm commitment to Tianjin," said Tom Meredith, chief financial officer at Motorola.