Renault Opens German Banking Unit

France's Renault SA says its finance arm has begun taking deposits for savings accounts in Germany today through its new Renault Bank Direkt unit.

RCI Banque began offering retail savings accounts in France in February 2012. The bank took in €893 million in deposits, surpassing its goal of €500 million. The unit aims to attract €2 billion in deposits in all markets by year-end.

RCI Banque uses the funds for its auto-lending business, thus making it less dependent on the capital markets.