Hyundai Capital teams up with Santander in Brazil

Hyundai Capital, a consumer finance arm of Hyundai Motor Group, has launched a joint venture with Santander Brasil, a subsidiary of Spanish banking giant Santander Group, to expand its auto financing business in Latin America.

The joint venture, dubbed Banco Hyundai Capital Brasil, will operate in Brazil and serve as a stepping stone for the Korean company in the region.

Banco Hyundai Capital Brasil will start with 300 million Brazilian reals ($77 million) in capital with the two parties holding 50 percent shares.

“The newly launched joint venture will back the growth of Hyundai Motor with differentiated products and services and ultimately contribute to expanding the Group’s position in Central and South America,” said Hwang Yoo-no, global president of Hyundai Capital.

By Park Eun-jee