UPDATE 1-China gives nod to 3 foreign auto loan firms

Newswire

(Adds details) SHANGHAI, Dec 29 (Reuters) - China's banking regulator has given approval to auto giants General Motors , Volkswagen AG and Toyota Motor Corp to conduct auto financing in China, the world's fastest growing major car market. The China Banking Regulatory Commission gave the approval to the three foreign companies, the regulator said in a statement on its Web site www.cbrc.gov.cn on Monday. GM's auto-financing unit -- General Motors Acceptance Corp -- will team up with an ...

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