has announced the appointment of

as the new Managing Director and Chief Executive Officer of

. He replaces

, who will return to

.

Modlmayer has been with the BMW Group since 2000 and most recently served as CEO of BMW Austria Bank in Greece. He has held leadership roles within BMW Group Financial Services in markets, including New Zealand, China, and Hong Kong. He began his career at BMW Bank GmbH in Munich in the Sales and Marketing division.

Lisa Ng, Regional Chief Executive Officer of BMW Group Financial Services for Asia Pacific, said, “Andreas Modlmayer brings with him valuable expertise and leadership acumen, with successful development of BMW Financial Services in diverse markets for over two decades. India is an important market for us, and we are confident that he will further add to the company’s growth as he takes charge of BMW India Financial Services.”

She added, “We thank Jaejoon Lee for his immense contribution to BMW India Financial Services in recent years. He successfully steered the company with new initiatives in product offerings and customer centricity and strengthened the foundation for future growth. We wish him all the best as he returns to BMW Korea once again.”