Volkswagen Financial Services AG coordinates worldwide operations-Feburary 3rd 2006 

Generating further growth opportunities to enhance profits

Implementation of common steering principles

Volkswagen Financial Services AG is taking over the responsibility for coordinating the worldwide financial services activities of the Volkswagen Group. The wholly owned subsidiary of Volkswagen Group currently manages the activities in Europe and in the Asia-Pacific region. „Financial services belong to our core competencies. While applying common steering principles worldwide, we aim to strengthen the knowledge transfer and to exploit new growth potential to improve our profit contribution“, says Hans Dieter Pötsch, Member of the Board of Management of Volkswagen AG and Chairman of the Supervisory Board of Volkswagen Financial Services AG. Burkhard Breiing, Chairman of the Board of Management of Volkswagen Financial Services AG, is in charge of developing and implementing the above measures.

Whether or not the strategic realignment will lead to changes in the corporate structures of the financial services entities in Argentina, Brazil and Mexico is currently being analysed. Options to tie these operations to Volkswagen Financial Services AG are subject to legal and economic issues. The legal independence of the North American subsidiary Volkswagen Credit Incorporation (VCI) will remain intact in any case.

Financial services take a central role in the context of the automotive value chain. They represent the second core competence of the Volkswagen Group. „Financial services products are an integral part of mobility packages and contribute to our long-term brand and customer loyalty”, emphasizes Hans Dieter Pötsch.

Contact:

Thomas Mickeleit
Volkswagen AG
Tel.: +49-5 361 / 9 87 604
Fax: +49-5 361 / 9 79 444
E-Mail: thomas.mickeleit@volkswagen.de  

Helge K. Hiller
Volkswagen Financial Services AG
Tel.: +49-5 31 / 2 12 38 10
Fax: +49-5 31 / 2 12 27 27
E-Mail: h.hiller@vwfsag.de