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Volvo Automotive Finance (China) Limited: outstanding training partner of the year

Volvo Automotive Finance (China) Limited (VAFC) has been recognized by the world’s largest and leading professional body of management accountants – The Chartered Institute of Management Accountants (CIMA), with the award of the Outstanding Training Partner for the Year 2010 in Shanghai.
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CHINA - (November 19, 2010) - This is the first time that VAFC has received the award from CIMA which recognizes employers actively supporting the development of employees with the internationally recognized CIMA training and qualifications.

VAFC
is the Chinese based operating company of Volvo Financial Services, and it’s the equipment financing arm of the Volvo Group, Sweden’s truck and equipment manufacturing giant. Since VAFC commenced business in 2006, the company has focused on becoming one of the most admired employers in China. As a captive finance company, keeping up to date financial knowledge and possessing advanced business management skills throughout the organization are key to sustain success. In order to meet the future business requirements, strengthen exisiting employees’ professional skills, and develop qualified future business leaders, VAFC encourages and supports its employees to enroll in the CIMA programs and obtain CIMA’s qualifications.

Mr. Brian Dumbill, SVP and CFO of Volvo Financial Services Region Asia Pacifc, comments: “We see the CIMA programs as an integral part of our continual process to develop employees and our business in China. Businesses are growing and changing fast, and employees with qualifications such as CIMA can demonstrate that they have the professional skills and acumen to take on the challenges that this brings. Therefore, we intend to develop our future finance leaders through these programs."

Mrs. Karen Hu, VP Human Resources of Volvo Financial Services Region Asia Pacific comments: “CIMA program not only provides the professional skills and knowledge training, but also provides a standard for employees’ professional development. It can also function as a platform for professionals to share the experiences and best practice from the daily work. As  one of the outstanding partners of CIMA, we try to attract more and more talent into our organization.”

Mr. Leo Liou,
VP and CFO of VAFC comments, “ We are very pleased to receive this award. It is important to provide employees’ training opportunities, and support them to fulfill their development plans as a part of the company’s long term business strategy. We think the course design and training programs of CIMA are very close to the actual practices within our organization. It helps us enhance the performance of our finance professionals. In the next few years, VAFC plans to build a long term partnership with CIMA and try to associate the employees’ development plans even closer with the development of the company.”

About CIMA
CIMA, the Chartered Institute of Management Accountants, founded in 1919, is the world’s leading and largest professional body of Management Accountants, with 172,000 members and students operating in 165 countries, working at the heart of business. CIMA members and students work in industry, commerce and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy.

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Volvo Financial Services (VFS) was formed in 2001, currently headquartered in Greensboro, North Carolina (USA). As a finance arm of the Volvo Group, VFS provides a full range of products and services to all Volvo brands which include Mack, Renault trucks, UD Trucks, Volvo truck, as well as Volvo Construction Equipment, Volvo Buses, Volvo Aero and Volvo Penta. As of the end of 2009, about 1,234 finance professionals were employed to manage approximately 98.8 billion SEK of assets with operation presence in more than 40 countries in Europe, the Americas and Asia Pacific.

In 2006, AB Volvo invested 500millions CNY to set up Volvo Financial Services in P.R. China, based in Beijing. The newly formed company is called Volvo Automotive Finance (China) Limited (VAFC). As a captive finance company, VAFC is concentrated on providing loan based customers and dealer financing, financing leases and insurance services to the Volvo Group’s customers in China. Based on the brand products offered in China, VAFC designed relevant private label financial programs to customers of Renault Trucks, Volvo Trucks and Volvo Construction Equipments.

Thanks to the favorable environment for foreign investment and steady economic growth in China, VAFC’s new business volume had two folds increase from 2007 to 2009. With this significant increment, the company will keep improving its financial products and retain high customers’ loyalty.

For more information about Volvo Financial Services, visit our web site at http://www.vfsco.com

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For questions or an interview, please contact:
June Gong
Marketing & Communication
Volvo Automotive Finance(China)Limited 

Direct line: +86-10-6582-9313
june.gong@vfsco.com