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Hyundai Capital obtains ECB nod to set up Hyundai Capital Bank Europe

Collected: 2016.10.18

Distributed: 2016.10.19

Source: Go Direct

Hyundai Capital Services vice chairman Chung Tae-young

Hyundai Capital Services Inc., the largest auto financing company in South Korea, got the final nod from the European Central Bank (ECB) to set up Hyundai Capital Bank Europe, becoming the first non-European country’s financial company to win ECB approval for bank license since the global financial crisis in 2008.

Hyundai Capital announced on Monday that with the approval, Hyundai Capital Bank Europe will mainly offer total financial services in the region including installment and leasing services for local consumers buying Hyundai and Kia cars and insurance brokerage services. It will also play the role of a traditional bank, providing deposit and other extra banking services.

Hyundai Capital Bank Europe has 67.1 million euros (about $75 million) in capital, and Hyundai Capital and Kia Motors Corp. have a 80 percent stake and a 20 percent stake, respectively.

The bank, headquartered in Germany, is ready to start operation in December after it has completed designing products and setting up required financial systems. The bank has recruited more than 100 local employees as part of efforts to provide services tailored to local customers.

Hyundai Capital hopes to make Hyundai Capital Bank Europe its financial hub in the region and seeks to expand its business to other European countries such as France, Italy and Spain.

By Chung Ji-sung

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