Volvo Financial Services ready to start business in Czech Republic

In order to provide dedicated service to the growing Eastern European markets,
Volvo Financial Services announces the founding of a branch company in the Czech
Republic.

Under the umbrella of VFS Germany, the Czech company is ready to start
operational business in customer financing in the Czech Republic for all Volvo
brand products, thereby responding quickly to the increasing demands of
customers in this region. Financial services solutions for Czech customers so
far include: finance and operation leasing, insurance, and maintenance.
Comparable financial solutions for Renault Trucks brand products are to follow
soon. 

The new company will be covering the network of Czech Volvo and Renault Trucks
dealers, and work together closely with the Czech Volvo and Renault Trucks
importers, also based in Prague.

Holger Mandel, Managing Director of both VFS Germany and the new Czech branch,
has stated, Starting up our business in the Czech Republic is one more step
towards the promising markets in the Eastern European sphere.

The strategic planning and administration will be managed by VFS Germany
headquarters. Pavel Soldan and Vaclav Levy, who joined the new company as
Regional Sales Managers, bring both with them solid expertise in financial
services and will be responsible for operations and customer relations in the
Czech market.

January 21, 2004


For further information please contact: Marco Reichwein, Marketing Manager Volvo
Financial Services Germany, 
phone +49 6074 859-311


Volvo Financial Services (VFS) manages the Volvo Group's operations within
customer financing, insurance, treasury, real estate and related services. VFS
employs about 1,000 persons, operates in over 30 countries and manages
approximately 7 billion euro in total assets. The Volvo Group is one of the
worlds leading manufacturers of trucks, buses and construction equipment, drive
systems for marine and industrial applications, aerospace components and
services.