Hyundai Capital Services Inc, the South Korean consumer finance
company, said yesterday that it has launched an auto-financing
joint venture with Santander Consumer Finance UK to help strengthen
its affiliated automaker’s UK sales.
The joint venture, capitalized at £20m, will be 50% owned by
each side.
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Hyundai Capital, a subsidiary of South Korean auto-maker Hyundai
Motor Co, has stepped up efforts to set up auto finance companies
in Europe and South America.
Santander Consumer Finance UK is the British subsidiary of
Santander Consumer Finance, the European consumer finance
house.
Cooperation between Hyundai and Santander began in 2009 when
their affiliates set up a joint non-finance firm in Germany.
Hyundai and Santander initially announced a
captive partnership in March this year, following news in
November 2011 of completion of the manufacturer’s
switch from Black Horse, originally
signalled in April that year.
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By GlobalDataFurther comments and analysis on the deal between Hyundai
and Santander will be published in the
July issue of
Motor FInance
magazine.
