Geely announces vehicle financing venture with BNP Paribas

China's privately owned Geely Automobile Holdings Ltd said on Tuesday that it has entered into an agreement with the personal finance subsidiary of France's biggest lender, BNP Paribas SA, to form an auto financing venture, providing services to Chinese car buyers.

According to a joint statement filed with the Hong Kong Stock Exchange, registered capital for the venture will reach 900 million yuan ($148 million), of which 80 percent is coming from Geely Automobile for an equal stake, with BNP Paribas Personal Finance providing and holding the balance.

The deal is still pending the approval from relevant Chinese authorities, including the China Banking Regulatory Commission.