Mercedes-Benz Bank AG is a

universal bank A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance.seat A seat is a place to sit. The term may encompass additional features, such as back, armrest, head restraint but also headquarters in a wider sense. Types of seat The following are examples of different kinds of seat: * Armchair, a chair ...

Stuttgart Stuttgart (; Swabian: ; ) is the capital and largest city of the German state of Baden-Württemberg. It is located on the Neckar river in a fertile valley known as the ''Stuttgarter Kessel'' (Stuttgart Cauldron) and lies an hour from the Sw ...

Mercedes-Benz Group The Mercedes-Benz Group AG (previously named Daimler-Benz, DaimlerChrysler and Daimler) is a German multinational automotive corporation headquartered in Stuttgart, Baden-Württemberg, Germany. It is one of the world's leading car manufacture ...

founded in 1979 the Mercedes Leasing GmbH and in 1987 the Mercedes-Benz Finanz GmbH. The universal bank was founded under the name DaimlerChrysler Bank in 2001 and obtained a

banking license A banking licence is a legal prerequisite for a financial institution that wants to carry on a banking business. Under the laws of most jurisdictions, a business is not permitted to carry words like a ''bank'', ''insurance'', ''national'' in th ...

in 2002. The name was changed to Mercedes-Benz Bank in 2008.

History

The

AG in 1967 began with the

vehicle leasing A vehicle (from la, vehiculum) is a machine that transports people or cargo. Vehicles include wagons, bicycles, motor vehicles (motorcycles, cars, trucks, buses, mobility scooters for disabled people), railed vehicles (trains, trams), wate ...

business and in 1979 founded the Mercedes Leasing GmbH, which became Mercedes-Benz Finanz GmbH in 1987. In 2000 DaimlerChrysler decided to expand the group's own bank through its service subsidiary debis to the universal

direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...

DaimlerChrysler Bank,. The

was granted in July 2002. After the DaimlerChrysler Group in 2007 separated from the

Chrysler Stellantis North America (officially FCA US and formerly Chrysler ()) is one of the " Big Three" automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan. It is the American subsidiary of the multinational automotiv ...

division and operated as Daimler AG, the DaimlerChrysler Bank was renamed to Mercedes-Benz Bank on January 1, 2008.

Business divisions

The bank has over one million customers and a balance sheet total of 19.0 billion

euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

s, making it one of the leading automotive banks in

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...

. The offer includes

leasing A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial ...

financing Funding is the act of providing resources to finance a need, program, or project. While this is usually in the form of money, it can also take the form of effort or time from an organization or company. Generally, this word is used when a firm use ...

, motor

vehicle insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury ...

and

fleet management Fleet management is the management of: * Commercial motor vehicles such as cars, vans, trucks, specialist vehicles (such as mobile construction machinery), forklifts, and trailers * Private vehicles used for work purposes (the 'grey fleet') * Avi ...

. Since July 2002, Mercedes-Benz Bank has also been offering its customers overnight money accounts, savings plans,

fixed interest A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the ...

accounts,

investment fund An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...

s, certificates and

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the ...

s (Mercedescard). The Mercedes-Benz Bank finances or leases more than every second car and every second commercial vehicle from Daimler that is registered in Germany. Sales partners for the financial services related to the vehicle are the

car dealership A car dealership, or car dealer, is a business that sells new or used cars, at the retail level, based on a dealership contract with an automaker or its sales subsidiary. Car dealerships also often sell spare parts and automotive mainte ...

s of the vehicle brands of the Daimler Group. The car dealerships are looked after nationwide by the employees in two service centers - private customers since 1997 at Mercedes-Benz Banking Service GmbH in

Saarbrücken Saarbrücken (; french: link=no, Sarrebruck ; Rhine Franconian: ''Saarbrigge'' ; lb, Saarbrécken ; lat, Saravipons, lit=The Bridge(s) across the Saar river) is the capital and largest city of the state of Saarland, Germany. Saarbrücken is ...

, corporate clients since August 2011 at the Mercedes-Benz Bank Service Center GmbH in

Berlin Berlin ( , ) is the capital and largest city of Germany by both area and population. Its 3.7 million inhabitants make it the European Union's most populous city, according to population within city limits. One of Germany's sixteen constitu ...

. The lease and financing portfolio stood at € 18.7 billion at the end of 2014. The direct banking business is managed exclusively by Mercedes-Benz Banking Service GmbH in Saarbrücken. Through its subsidiary Daimler Fleet Management GmbH, the Mercedes-Benz Bank manages around 700 passenger car fleets with more than 280,000 contracts across all brands. Mercedes-Benz CharterWay GmbH, a joint venture of Mercedes-Benz Bank and the Mercedes-Benz sales organization Germany, operates vehicle fleet management for

commercial vehicle A commercial vehicle is any type of motor vehicle used for transporting goods or paying passengers. The United States defines a "commercial motor vehicle" as any self-propelled or towed vehicle used on a public highway in interstate commerce to t ...

s. There are more than 9,000 companies with vans, trucks and buses under contract.

Social commitment and sponsorship

Since 2003 the Mercedes-Benz Bank has a partnership with the

Ethiopia Ethiopia, , om, Itiyoophiyaa, so, Itoobiya, ti, ኢትዮጵያ, Ítiyop'iya, aa, Itiyoppiya officially the Federal Democratic Republic of Ethiopia, is a landlocked country in the Horn of Africa. It shares borders with Eritrea to the ...

relief organization ''Menschen für Menschen'' founded by Karlheinz Böhm. The bank is also the main sponsor of the '' Theaterhaus Stuttgart'' and supports volunteering. In 2012 the Mercedes-Benz Bank became top sponsor of

VfB Stuttgart Verein für Bewegungsspiele Stuttgart 1893 e. V., commonly known as VfB Stuttgart (), is a German sports club based in Stuttgart, Baden-Württemberg. The club's football team is currently part of Germany's first division, the Bundesliga. VfB S ...

References

External links

* {{Portal bar, Banks Banks established in 1979 1979 establishments in West Germany Banks of Germany

Bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...