By Kim Jae-won
Staff Reporter
Hyundai Capital said Wednesday that it has launched a business in Europe, setting up a joint venture in Germany with Santander Consumer Bank, a Spanish global bank. It was the first joint venture by a Korean firm in Europe.
The financial arm of Hyundai Motor said that it started its German operation, Hyundai Capital Germany, in October by joining hands with the Spanish lender as part of efforts to support the growth of Hyundai-Kia Automotive Group's auto financing activities in Europe.
"Our extensive know-how in auto financing, combined with the deep local expertise of Santander Consumer Bank, will present an even greater edge to Kia customers and dealers," Ted Chung, CEO of Hyundai Capital, said.
"This will ultimately benefit the Hyundai Group in its future efforts to gain a market share of the European car market."
Hyundai said that Hyundai Capital Germany will offer top quality services to the dealer network and provide new and attractive financial packages for customers.
Santander Consumer Bank currently serves Kia dealers with "Kia Motors Finance" as its go-to-market brand. The joint venture also aims to support Hyundai Motor's initiatives to increase auto financing activities in Western Europe over the long term.
"This structure will strengthen our existing partnership with Santander Consumer Bank, the No. 1 bank in European auto financing, and accelerate our growth in this important market by providing better financial packages for both customers and dealers of Kia Motors," Thomas Bade, Managing Director of Kia Motors Deutschland, said.
Javier San Felix, executive vice president of Santander, also vowed to provide the best services for consumers.
"We are delighted that we can offer Kia our market-leading products and services to support its future growth in Germany. We expect this partnership to develop into a larger partnership with Hyundai-Kia Group in other Western European markets."