Motorola Inc has gained approval to set up a wholly owned finance company in Tianjin with registered capital of 100 million yuan (13.3 million U.S. dollars).
The green light is expected to boost Motorola's development in China, the world's No. 2 mobile phone-maker said yesterday.
Motorola received the nod from the China Banking Regulatory Commission to set up Motorola (China) Finance Limited (MCFL) in Tianjin's Binhai New Area.
It will provide financial services for Motorola's subsidiaries, joint ventures and affiliates in China, the company said in a statement.
"MCFL will provide more diversified and flexible financial services to support Motorola's business growth in China's highly competitive market," Tom Meredith, Motorola's chief financial officer, said in the statement.
Motorola said the incorporation of MCFL proves the company's firm commitment to Tianjin.
Source: Shanghai Daily
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