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Dogus to Raise Auto Finance to 2 Billion Liras, Hurriyet Says

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Feb. 20 (Bloomberg) -- Dogus Holding AS, owner of Dogus Otomotiv Servis & Ticaret AS, Turkey’s importer of Volkswagen AG cars, will extend its customer lending unit’s loan book to 2 billion liras ($1.1 billion) this year, Hurriyet newspaper reported.

Volkswagen Dogus Finans, an Istanbul-based partnership between Dogus Holding and Volkswagen Financial Services, grew 63 percent in 2011 to extend 1.85 billion liras of consumer finance and plans to extend another 37,000 credit contracts this year to break the 2 billion mark, General Manager Tijen Akdogan was quoted as saying. The growth is forecast despite an expected slowdown in the automobile market, he told Hurriyet.

The company is also increasing its insurance business, which grew 44 percent in 2011, more than twice the sector average, the newspaper cited Akdogan as saying.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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