BoC enters auto market

Bank of China said it would take a 50% stake in a JV with PSA Peugeot Citroen of France and a domestic Chinese auto producer in a deal that will provide financing services for the distribution and purchase of Citroen, state media reported. China Banking Regulatory Commission, China's banking watchdog, issued new rules in 2003 that allow commercial banks to open special car financing businesses. BoC will become the first Chinese bank to invest in a car financing JV.