German automaker Daimler is set to invest EUR500m to expand its Mercedes-Benz Bank unit in Europe.
This move is aimed focusing on customer loans to its product offering. The company currently offers its loans to dealers.
Mercedes-Benz Bank CEO Franz Reiner and Daimler Financial Services Europe board of management member said: "Between now and 2018, we will be spending some 500 million euros ($696 million) on our European business."
Mercedes-Benz Bank has expanded its network by opening a branch in France in February 2014, following the two branches opened in Spain in 2009 and in the UK in 2008.
Currently, the vehicle insurance services firm has offered loans to 780,000 vehicles including small smart cars and Actros heavy-duty trucks.
Last week, Daimler has entered into a memorandum of understanding with Nissan to form a 50-50 joint venture in Mexico.
