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Fiat Seeks To Turn Financing Unit Into A Bank

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http://uk.reuters.com/article/2014/02/16/uk-fiat-bank-idUKBREA1F07A20140216

Fiat (FIA.MI), which has agreed to take full control of U.S. unit Chrysler, has asked the Bank of Italy's permission to turn financing unit Fga Capital into a bank to cut funding costs, a source with direct knowledge of the situation said.

Winning a banking licence would make Fiat more competitive against rival car makers such as Volkswagen (VOWG_p.DE) and Peugeot (PEUP.PA), which already have their own internal banks and were able to access cheap loans offered by the European Central Bank (ECB) during the euro zone crisis, the source said.

"Fiat was not able to access ECB funds during the two Long Term Refinancing Operations because it did not have a bank," the source told Reuters on Sunday, confirming a report in Italian newspaper Il Sole 24 Ore.

Everyone wants to buy property to get rich, all big business now seek to become banks for cheap cash...

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