SEOUL, Jan. 18 (Korea Bizwire) — Hyundai Capital Services Inc., South Korea’s leading auto finance company, said Tuesday it has launched a joint venture with CGI Finance, a subsidiary of France’s Societe Generale Group.
Hyundai Capital France will provide auto finance, including lease, loan and insurance, for customers of Hyundai Motor Group — Hyundai Motor Co. and Kia Corp. — and financing services for dealers in France, the company said.
The joint venture is Hyundai Capital’s 10th overseas financial entity and fifth in Europe.
“France is a strategically significant market for Hyundai Motor Group, and we are very glad to form a joint venture with Societe Generale Group in this regard,” said Kim Hyun-joo, executive vice president and head of global business division at Hyundai Capital.
“Hyundai Capital aims to support Hyundai Motor Group’s meaningful expansion in France with tailored products and services,” Kim added.
Hyundai Motor and Kia sold 46,966 and 45,345 cars in France last year, respectively, up 39.6 percent and 15.6 percent from a year earlier, according to Hyundai and Kia.