Dongfeng Peugeot Citroen Automobile Co Ltd (DPCA) said its auto financing venture, jointly set up with PSA Peugeot Citroen unit Banque PSA Finance, and the Bank of China, officially began operations in Beijing yesterday, People’s Daily reported. Bank of China Group Insurance Co, a wholly-owned subsidiary of Bank of China, owns a 50 percent stake in the venture, while Banque PSA Finance and DPCA each own 25 percent stakes. The venture will provide wholesale and retail services to DPCA dealers and end-users. Rene Steffan, general manager of the joint venture, said that the new firm would support the China sales of the two joint venture auto brands Dongfeng Peugeot and Dongfeng Citroen, as well as sales of imported Peugeot cars. The auto financing company is expected to help Dongfeng Peugeot Citroen achieve its strategic target, said Liu Weidong, the firm's general manager. The company aims to get a 7 to 8 per cent share of China's passenger vehicle market by 2010, which is expected to reach six million units by that time, wrote the paper.