Spanish lender Banco Santander SA has received Chinese regulatory approval to form a 50-50 joint venture with China's seventh-largest automaker, Jianghuai Automobile.

The joint venture — Fortune Auto Finance — with a registered capital of 500 million yuan ($79.50 million) makes Santander one of the first foreign banks to get a car finance license in the world's largest automobile market.

The joint venture will provide auto financing services to cars made by JAC and other brands, the bank said.