New business area: Volvo financial services

NEW BUSINESS AREA: VOLVO FINANCIAL SERVICES AB Volvo has now combined all of its finance-related operation into a new business area: Volvo Financial Services. Salvatore L. Mauro, 40, currently President of Volvo Car Finance Europe, has been appointed President of the newly formed business area, effective March 1, 2001. He will also become a member of the Volvo Group Executive Committee. "Salvatore L. Mauro is American, and he has been working in Europe during the past three years. He has many years of experience in financial operations, primarily in customer financing at Volvo and General Electric. With the addition of Salvatore L. Mauro, we also gain a welcome broadening of the Volvo Group Executive Committee," comments Leif Johansson, President and CEO of the Volvo Group. In recent years, financial operations have grown 40 percent annually, making this clearly Volvo's fastest growing business area. Volvo Financial Services includes the Group's operations in customer financing, financial management, insurance and real estate. The goal of the new business area is primarily to strengthen and develop the financial services linked to the Volvo Group's products. February 9, 2001 For further information please contact Adi Nilson +46-31-591127. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/09/20010209BIT00600/bit0001.doc http://www.bit.se/bitonline/2001/02/09/20010209BIT00600/bit0002.pdf