BERLIN:

German auto giant said Wednesday it has acquired Chinese firm Herald Leasing as part of its bid to broaden the business in its biggest market to include car leasing.

“With this move, the company is responding to the increasing importance of the emerging leasing business in the world’s largest vehicle market and laying the foundation for further growth,” said BMW in a statement.

Financial details of the transaction were not disclosed.

“We firmly believe in the mediumand long-term potential of the Chinese auto market and are preparing for the next phase of growth,” said Erich Ebner von Eschenbach, head of BMW Group Financial Services. (AFP)