Volvo Financial Services Region APAC Headquarters Relocates to Beijing, Marking The China Market Enhanced Strategic Position

BEIJING,March 24,2020 -- Volvo Financial Services (VFS) has announced the relocation of its Region APAC headquarters from Singapore to Beijing in order to be closer to the China market. This allows VFS to continue to develop its strategic service capabilities and provide increased support in the Chinese market and the entire Asia Pacific markets.

VFS recognizes that China will be one of the most promising global markets in the future,following the Volvo Group's growth ambitions for trucks and construction equipment in Asia Pacific. The VFS Region APAC headquarters' relocation is more in line with VFS' strategic and operational priorities in the Asia Pacific markets,leveraging synergies in the China market and preparing for the expected growth of market demand. It also marks the importance of the Chinese market,and reflects the Volvo Group's mission and commitment to meet our customer and dealers' growing needs with continuous technological innovation,comprehensive solutions and wide industry experience.

The relocation has resulted in the appointment of Paul Le Houillier as SVP & President of VFS Region APAC,who is responsible for advancing the overall VFS strategy in the region. Paul was formerly Chief Financial Officer of VFS Region APAC,and Chairman of VFS China and VFS Korea. He has worked for VFS and the Volvo Group for 17 years and has four years of leadership and management experiences in Asia Pacific markets. Michael Dong,former Deputy General Manager of Volvo Automotive Finance (China) Limited,has assumed the post of General Manager to fully lead and manage businesses in the China market.

"The China market is one of the highest priorities in our Asia Pacific development strategy," Paul says. "Given the global outbreak of COVID-19 this year,we will ensure that VFS responds to market changes promptly and support China customers and dealers as well as the Asia Pacific markets during this challenging time."

Paul Le Houillier,SVP & President of VFS Region APAC

Michael Dong,General Manager of Volvo Automotive Finance (China) Limited

About Volvo Financial Services

Volvo Financial Services is the global finance arm of the Volvo Group. The Volvo Group is one of the world's leading manufacturers of trucks,buses,construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. Volvo Financial Services was formed in 2001 and is headquartered in Greensboro,North Carolina,USA. The company manages a net credit portfolio of over SEK 170 billion (US $17.7B),employs over 1,500 people worldwide,and supports more than 90% of Volvo Group sales with customer financing.In the Region APAC,VFS provides complete financing solutions for trucks and construction equipment industries.

For more information,please visitwww.vfsco.com

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