By James Lanton

(November 6 – 12:40 ET) – The evolving nature of consumer financial services is evident in the creation of the DaimlerChrysler Bank by one of the world’s biggest car manufacturers.

DaimlerChrysler AG is significantly expanding its financial services business by establishing DaimlerChrysler Bank to offer customers a comprehensive package of banking services and new financial products that go beyond traditional vehicle leasing and financing. The firm says it is now focusing even more intensely on the growing financial services business. Among other things, it will offer deposits, special savings plans, overnight loans, a credit card and investment funds.

The new credit and service card will also provide payment services, individualized travel service, information about events and a customer magazine, the cards will provide additional functions, such as an attractive bonus program. In addition to the customer-specific bank card, DaimlerChrysler Services will issue a vehicle-specific service card, whose key products are still being developed.

DaimlerChrysler already holds a banking license through its subsidiary Mercedes-Benz Finanz GmbH. The licence will now be expanded to include customer deposits. The company will apply for a full-service banking licence and change its name to DaimlerChrysler Bank. The new bank, to be headquartered in Stuttgart, will begin operations in Germany. DaimlerChrysler says it intends to open branches in other European countries. All international activities will be managed in Berlin.

“The decision to establish DaimlerChrysler Bank is an exceptionally important step for us, and a logical development of our activities,” said Dr. Klaus Mangold, chairman of DaimlerChrysler Services, “Five years ago, we were established in a broad range of service areas spread out over eight business units. Now we are focusing on adding depth to our financial activities by adding new banking services. As one of the world’s leading financial services providers, we’ll define our position even more distinctly along the important automotive value added chain.”