Shinhan Card, Kazakh auto dealer sign nearly $50M joint venture deal
Published: 28 Dec. 2023, 17:42
- JIN MIN-JI
- [email protected]
The Seoul-based card operator said Thursday it and Kazakh auto dealer Aster would invest 31 billion won ($24 million) each over the next five years to turn the Korean company's Kazakhstan-based entity, Shinhan Finance, into a 62 billion won joint venture.
Shinhan Card will own 50.1 percent of the joint venture, leaving Aster with 49.9 percent.
Established in November 2014, Shinhan Finance posted annual growth of 55 percent over the past three years. It offers loans for cars and credit.
Shinhan Card CEO Moon Dong-kwon said in a statement it would develop Shinhan Finance into a financial company specializing in retail loan services in Kazakhstan.
BY JIN MIN-JI [[email protected]]
with the Korea JoongAng Daily
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