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Volkswagen's financial services undergoing reorganization

FILE PHOTO: TV Cameras are set up ahead of a Volkswagen statement at their headquarters in Wolfsburg

FRANKFURT (Reuters) - Volkswagen is reorganizing its financial services holding companies, Volkswagen Bank and Volkswagen Financial Services said on Wednesday.

"By bundling its activities in a European financial services provider, the refinancing strength of Volkswagen Bank GmbH can best be used for the growth of the leasing business in Germany and Europe," they said.

(Reporting by Tom Sims and Alexander Huebner; Editing by Chris Reese)