Olaf Kastner, President and CEO of BMW Brilliance Automotive, shakes hands with Hong Qi, Managing Director and President of China Minsheng Banking Corp, after signing a strategic cooperation agreement on June 21, 2011. [Photo/chinadaily.com.cn]

Luxury car maker BMW Brilliance has inked a joint cooperation agreement with China Minsheng Banking Corp to cash in on the growing purchasing spree of Chinese consumers.

The event signifies an important milestone for China Minsheng Bank and BMW in entering a new financial market to target high-end customers with a taste for flash cars.

The signing of a financial services agreement between the two parties is another strategic measure taken to open up the luxury car market. BMW has already authorized dealers to offer installment payments with Minsheng credit cards at a low service charge.

Under the agreement, both parties will continue to jointly host golf tournaments in the China region for Minsheng Diamond Card holders and BMW owners. This reflects the determination between China Minsheng Bank and BMW in promoting golf in China. Through such activities, high-end customers from both parties can exchange views and deepen cooperation. The strategic alliance will help to boost the services of both companies.

With deepening strategic cooperation, China Minsheng Bank and BMW shall promote each other’s development and deepen mutual understandings. One of the cooperative projects underway involves issuing the first BMW Credit Card in China.

The signing of strategic cooperative agreement symbolizes shared opportunities and common development between China Minsheng Bank and BMW. Both are confident in enhancing valuable services to high-end customers in China and believe that they can complement each other’s development in the competitive market to accelerate the future of the financial sector and automobile retail industry.

Kirk Cordill, Managing Director and CEO of BMW Group Financial Services China signs an automobile financial services cooperation agreement with Yang Ke, President of the credit card center of China Minsheng Banking Corp, on June 21, 2011. [Photo/chinadaily.com.cn]

Olaf Kastner, President and CEO of BMW Brilliance Automotive, exchanges a BMW car key with Hong Qi, Managing Director and President of China Minsheng Banking Corp at the strategic cooperation signing ceremony on June 21, 2011. [Photo/chinadaily.com.cn]