History
Hyundai Capital was incorporated in December 1993 as Hyundai Auto Finance Co., Ltd. Hyundai Capital subsequently changed its trade name to Hyundai Financial Services Co. in April 1995. In January 1996, Hyundai Capital was licensed as an installment financing company by the Ministry of Strategy and Finance of Korea. Shortly thereafter, Hyundai Capital commenced its housing and automotive installment financing businesses and began providing automotive financing to purchasers of new and used Hyundai Motors vehicles.
In October 2004, Hyundai Capital and Hyundai Motors entered into a strategic alliance with GE Capital whereby GE Capital, through its wholly owned subsidiary, General Electric Capital International Holdings Limited, acquired a 38.0% equity interest in Hyundai Capital. In November 2005, GE Capital increased its equity interest in Hyundai Capital to 43.0%. In conjunction with its initial share acquisition, GE Capital also transferred the consumer finance (excluding mortgage loan business) and used vehicle installment financing businesses of its subsidiary, GE Capital Korea, to Hyundai Capital.
Read more about this topic: Hyundai Capital
Famous quotes containing the word history:
“Culture, the acquainting ourselves with the best that has been known and said in the world, and thus with the history of the human spirit.”
—Matthew Arnold (1822–1888)
“The history of modern art is also the history of the progressive loss of art’s audience. Art has increasingly become the concern of the artist and the bafflement of the public.”
—Henry Geldzahler (1935–1994)
“The principle office of history I take to be this: to prevent virtuous actions from being forgotten, and that evil words and deeds should fear an infamous reputation with posterity.”
—Tacitus (c. 55–117)