Hyundai Capital Services forms finance venture in France

Hyundai Capital Services established an auto finance company in France with a local financial company. It will offer lease and loan financing for vehicles and insurance products.

Hyundai Capital Services established an auto finance company in France with a local financial company. It will offer lease and loan financing for vehicles and insurance products.

Hyundai Capital Services, a subsidiary of Hyundai Motor Company, said on Tuesday that it formed Hyundai Capital France (HCF) with CGI Finance, a subsidiary of Societe Generale, a Paris-based financial services group.

Hyundai Capital Services will own 50 percent minus 1 share. Its investment wasn't disclosed.

HCF will support Hyundai Motor France, Kia France and their dealer networks in lease and loan financing for new and used vehicles. HCF will also serve as a sales agent for relevant insurance policy products.

“We are very glad to form a joint venture with Societe Generale,” said Kim Hyun Joo, Executive Vice President and Head of Global Business Division at Hyundai Capital.

"We are very proud of this new partnership," said Giovanni-Luca Soma, director of International Banking Networks at Societe Generale. “The new structure will enable CGI Finance to continue its sustainable growth by supporting Hyundai Motor France, Kia France and their dealer network over the long term"

BY JIN MIN-JI [jin.minji@joongang.co.kr]