SEOUL, South Korea, Jan. 17, 2022 /PRNewswire/ -- Hyundai Capital Services, a financial services subsidiary of Hyundai Motor Group, and CGI Finance, a subsidiary of Societe Generale Group, announce the launch of a joint venture, Hyundai Capital France (HCF).
HCF will support Hyundai Motor France, Kia France and their dealer network – spread across nearly 400 sites in France – in lease and loan financing for new vehicles and used vehicles in addition to serving as a sales agent for relevant insurance policy products. The company will benefit from the support of Societe Generale Group and operate under the Hyundai Finance and Kia Finance brands within their respective networks and with dedicated teams.
"France is a strategically significant market for Hyundai Motor Group and we are very glad to form a joint venture with Societe Generale Group in this regard," said Kim Hyun Joo, Executive Vice President and Head of Global Business Division at Hyundai Capital. "Hyundai Capital, as a captive finance provider, aims to support Hyundai Motor Group's meaningful expansion in France with tailored products and services."
"We are very proud of this new chapter with the Hyundai Motor Group, which is the recognition of a long-term partnership. It will enable CGI Finance to continue to grow and support Hyundai Motor France, Kia France and their dealers network while offering services for a more sustainable mobility to consumers," said Ludovic Van De Voorde, CEO of CGI Finance.
A major sales destination for Hyundai and Kia vehicles in Europe, France is one of the most important markets for the Hyundai Motor Group. The Group has opted for the strategy of setting up a captive finance company to further support vehicle sales in the European market by providing tailored financial services for customers and dealers.
HCF is the 10th overseas financial entity of Hyundai Capital and 17th when consulting entities and branches are taken into account. Within Europe, it is the fifth entity after the ones in Germany, the United Kingdom, Russia and Italy. With the establishment of Hyundai Capital Bank Europe in Germany in 2016, Hyundai Capital vowed to enter into additional countries in Europe. Before France, the company opened a branch in Italy in 2021.
Hyundai Capital, a leading consumer finance company founded in 1993, has been offering financial services tailored to meet the needs of Hyundai, Kia and Genesis brands globally. Spearheading the globalization of Korea's finance sector, Hyundai Capital, headquartered in Seoul, South Korea, is now active in 13 countries in the Americas, China and Europe and plans further expansion. As part of moves to diversify business models, the company has developed new mobility-exclusive products and set up an automobile leasing company overseas.
Founded in 1951, CGI Finance, a financial institution and subsidiary of the Société Générale Group, offers innovative financing solutions to the automobile and nautical distribution sectors and helps thousands of French people every year in their lives as motorists, boaters or in managing their budgets.
The company, a leader in used car leasing and an expert in the automotive market, runs 19 car and boat sales offices in France.
PR Team Senior Manager