 |
(Photo = Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Hyundai Capital recently announced that it has acquired a local financial company to enter the Indonesian market.
Hyundai Capital completed the acquisition of Paramitra Multi-Finance, a local credit finance company, on the 17th to establish an Indonesian corporation. Hyundai Capital plans to change its corporate name to Hyundai Capital Indonesia (tentative name) after follow-up work and start full-fledged local operations in April next year.
Indonesia is an emerging market that is growing rapidly, with economic growth in the 5% range for the past two consecutive years. In addition, Hyundai Motor's production and sales base in Southeast Asia is located, which is considered a strategic hub for Hyundai Motor Group.
Based on its partnership with Sinar Mas Group and Shinhan Indonesia, the fourth-largest in Indonesia, Hyundai Capital plans to strengthen its local funding competitiveness and establish a sales network in major cities. It will also launch a number of new products, including car leases, to meet various demands from local Hyundai Motor Group customers.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
