NetSol Technologies Signs New Agreement With BNPP-Geely; Extends Leadership Position in China

NetSol Technologies, Inc. NTWK, a global provider of IT and enterprise software solutions, today announced that BNPP-Geely, a joint venture between Geely Automobile Holdings Limited and BNP Paribas Personal Finance, chose NetSol's NFS Wholesale Finance System (WFS) to provide its auto dealers with a software platform to manage their operations and financing activities. "We are pleased to partner with BNPP-Geely to support their growth objectives, and thank them for their trust in our solution," said Najeeb Ghauri, CEO of NetSol. "Our NFS platform is the benchmark solution for China's growing asset finance and leasing industry providing clients with a harmonized solution catering to Chinese legal, regulatory and business requirements. "In the past six months alone, three auto finance captives operating in China have gone live with our system, further extending our leadership position in the country," added Ghauri. Leasing in China could grow at an annual rate of 25 percent over the next five years, potentially creating significant growth opportunities for OEMs' captive finance arms, according to a December China automotive report by global accounting firm PricewaterhouseCoopers. "We are increasingly optimistic about our business prospects in China," added Ghauri. "Underlying our market opportunity are two key trends: the relaxing of auto financing licenses through the CBRC, providing new implementation opportunities; and the changing consumer dynamic of more consumers leasing or financing autos, leading to increased utilization of our software." Geely Auto (Zhejiang Geely Holding Group Company Limited) is one of China's largest independent auto companies, and parent company of Volvo Car Corporation in Sweden and the London Taxi Company in Britain.