GE ends its joint venture with Hyundai Card, sells entire stakeGeneral Electric has sold its entire 43 percent stake in Korean credit card company Hyundai Card, the American conglomerate said Wednesday.
GE’s sale effectively ends its 12-year partnership with Hyundai Motor Group, the parent company of Hyundai Card. The two conglomerates launched the card company in 2005 as a joint venture.
GE’s stake was sold to Hyundai Commercial, an auto-financing company and affiliate of Hyundai Card, and investment companies outside Korea including Affinity Equity Partners, GIC and AlpInvest.
General Electric, in an attempt to limit its exposure to the risky financial sector, has been selling its ownership in financial companies. Last year, GE sold a 23.3 percent stake in Hyundai Capital, another auto-financing company in Korea.