Daimler Financial Services (DFS), the wholly owned subsidiary of Daimler AG of Germany has appointed Fred Weick as the new Managing Director of Indian operation, according to a company statement. Set up in 2011, the then Managing Director, Sidhartha Nair is now the Head of Strategy for the Americas region.
Peter Henn, the Board Member responsible for DFS AAP region said: “We are excited to have such a sesoned and valued colleague like Fred join the DFSI team. India is a huge market with a wealth of opportunities. We are confident that Fred will continue to build on the solid foundation built by his predecessor Sidhartha Nair.”
Earlier, the Managing Director of Mercedes-Benz Financial Services, Portugal, Weick’s long term responsibility at DFSI will be to accelerate growth for India’s burgeoning captive finance segment. What is more, Weick is aiming at creating scale for the business by catering to customers needs with wholesome finance solutions in a rapid and efficient manner.
In July 2014, the company completed three years of operations in India, managing a portfolio size in excess of Rs. 2,500 crore. A full-fledged team consisting of 100 employees support all Daimler auto financing needs pan India, both for passenger cars as well as commercial vehicles. Furthermore, DFSI is at present the first choice provider of financial services products for dealers and customers. DFS is committed to play a pivotal role in the growing captive finance segment of India with innovative and value added finance options in the luxury car and commercial vehicle space.