GE Consumer Finance Buys Hyundai Capital Stake
SEOUL, South Korea -- GE Consumer Finance and Hyundai Capital Services have entered into a joint venture in which GE will buy a 38 percent stake -- valued at about $375 million -- in the struggling finance unit. GE will have the option to buy another 5 percent at a later date.
SEOUL, South Korea -- GE Consumer Finance and Hyundai Capital Services have entered into a joint venture in which GE will buy a 38 percent stake -- valued at about $375 million -- in the struggling finance unit. GE will have the option to buy another 5 percent at a later date.
Hyundai Capital Services, Korea's leading consumer finance company, is majority owned by Hyundai/Kia Motors Group.
For GE, this is a key move to penetrate South Korea's $8.6 billion auto finance market. "Korea represents a significant and strategic area of growth potential for GE Consumer Finance," said David Nissen, president and chief executive officer of GE Consumer Finance. "This joint venture gives us immediate scale in partnership with one of the country's premier brands."
Hyundai Capital's financial struggles are due to rising consumer defaults and cutthroat competition, according to Reuters. The investment will allow the company a chance to restructure.
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