Opel Bank expands into online retail banking

General Motors' European subsidiary, Opel, is to expand its financial operations into online retail banking in Germany.

Opel Bank expands into online retail banking

General Motors’ European subsidiary, Opel, is to expand its financial operations into online retail banking in Germany.

According to the car marker, the deposit business will expand its refinancing sources and strengthen customer relationships.

Opel already has 200,000 customers who use its bank division for car loans or leasing deals, and hopes that entering the online consumer banking market will add more potential customers.

Michael Lohscheller, chief financial officer of the Opel Group, said: “We now offer a wider range of financial services from a single source, in order to strengthen brand loyalty and increase customer loyalty. Our aim is that each Opel driver will also be a customer of Opel Bank.”

Erhard Paulat, chief executive officer of Opel Bank: “We are delighted that we can complement the existing leasing, financing and insurance offers for our customers with online cash investments. At the same time we are opening up for another funding source.”

The Opel Bank has operated under its current name since March 2015 in Germany. It was previously called GMAC Bank.