German luxury car maker BMW is to expand its financial services offering to UK customers by entering the credit card, insurance and savings sectors.
Like most modern car makers BMW already operates a vehicle finance arm in the UK, however the German auto outfit now intends to dramatically increase its financial sector offering to British clients by expanding into the traditional territory of the high street lenders.
Through a tie-up with American Express, BMW is poised to launch two credit cards branded with BMW and Mini logos, while other financial services will include savings vehicles and insurance.
According to news media sources, BMW will also offer savings and bond products in conjunction with Newcastle Building Society and home insurance through a division of the Royal Bank of Scotland.
The launch follows on from similar successful ventures in the US, Germany and Australia.
BMW hopes to attract customers to its new finance services by offer incentives linked to its cars, for example pre-launch test drives and reduced rates on car finance.