Hyundai Capital accelerates Indonesian growth with strategic acquisition of PT Paramitra Multifinance

SEOUL, South Korea, Oct. 11, 2023 /PRNewswire/ — Hyundai Capital Services, a financial services subsidiary of Hyundai Motor Group, today announced that it is acquiring PT Paramitra Multifinance, to establish Hyundai Capital Indonesia.

Hyundai Capital Services has entered into a share purchase agreement to acquire 75.1% stake in PT Parmitra Multifinance. PT Sinar Mas Multiartha Tbk (15%), the finance arm of Sinar Mas Group, and PT Bank Shinhan Indonesia (9.9%), a subsidiary of Shinhan Bank Korea, will each be minority shareholders of the Company.
PT Sinar Mas Multiartha Tbk will provide its local experience and expertise to assist in the strengthening and development of auto financial services business. PT Bank Shinhan Indonesia which was established in 2015, will be in charge of enhancing the competitiveness of local products and provide stable financing operations.
Indonesia is a key hub for the Hyundai Motor Group’s future mobility strategy. In 2022, Hyundai Motor opened its first Southeast Asian production base in Indonesia, and since then, Hyundai Motor has been claiming the biggest market share in Indonesia’s electric vehicle market.  
Since 2020, Hyundai Capital Services has been operating a branch in Jakarta, providing financial consulting and market research services. Indonesia’s financial sector is highly attractive for Hyundai Capital Services given its demographics, strong macroeconomic and fast growing economy. The newly launched entity is a significant milestone for Hyundai Capital Services and demonstrates the company’s confidence in Indonesia and long-term commitment to the market.
“Hyundai Motor has come in at the top of the electric vehicle market in Indonesia,” said Hyundai Capital Services spokesperson. “We believe this acquisition will position Hyundai Capital to leverage our capabilities to serve more tailored auto financial services to the needs of local customers and partners.”
Hyundai Capital Services is now active in 14 countries in the Americas, China and Europe, operating 16 entities and 2 branches globally. The company plans further expansion with the aim to support Hyundai Motor Group’s global mobility strategy.
Hyundai Capital Services
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 14 countries in the Americas, China and Europe and plans further expansion.
Bank Shinhan Indonesia
Shinhan Bank entered the Indonesian market in 2015 through the acquisition and merger of two local banks, currently operating 37 branches across Indonesia. In particular, it has received recognition for its rapid success in localization, achieving assets of $1.573 million by the end of the first half of the year, marking a remarkable asset growth of nearly 560% compared to the end of 2016 when the acquisition took place.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hyundai-capital-accelerates-indonesian-growth-with-strategic-acquisition-of-pt-paramitra-multifinance-301952972.html
SOURCE Hyundai Capital Services 

SEOUL, South Korea, Oct. 11, 2023 /PRNewswire/ — Hyundai Capital Services, a financial services subsidiary of Hyundai Motor Group, today announced that it is acquiring PT Paramitra Multifinance, to establish Hyundai Capital Indonesia.

Hyundai Capital Services has entered into a share purchase agreement to acquire 75.1% stake in PT Parmitra Multifinance. PT Sinar Mas Multiartha Tbk (15%), the finance arm of Sinar Mas Group, and PT Bank Shinhan Indonesia (9.9%), a subsidiary of Shinhan Bank Korea, will each be minority shareholders of the Company.

PT Sinar Mas Multiartha Tbk will provide its local experience and expertise to assist in the strengthening and development of auto financial services business. PT Bank Shinhan Indonesia which was established in 2015, will be in charge of enhancing the competitiveness of local products and provide stable financing operations.

Indonesia is a key hub for the Hyundai Motor Group’s future mobility strategy. In 2022, Hyundai Motor opened its first Southeast Asian production base in Indonesia, and since then, Hyundai Motor has been claiming the biggest market share in Indonesia’s electric vehicle market.  

Since 2020, Hyundai Capital Services has been operating a branch in Jakarta, providing financial consulting and market research services. Indonesia’s financial sector is highly attractive for Hyundai Capital Services given its demographics, strong macroeconomic and fast growing economy. The newly launched entity is a significant milestone for Hyundai Capital Services and demonstrates the company’s confidence in Indonesia and long-term commitment to the market.

“Hyundai Motor has come in at the top of the electric vehicle market in Indonesia,” said Hyundai Capital Services spokesperson. “We believe this acquisition will position Hyundai Capital to leverage our capabilities to serve more tailored auto financial services to the needs of local customers and partners.”

Hyundai Capital Services is now active in 14 countries in the Americas, China and Europe, operating 16 entities and 2 branches globally. The company plans further expansion with the aim to support Hyundai Motor Group’s global mobility strategy.

Hyundai Capital Services

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 14 countries in the Americas, China and Europe and plans further expansion.

Bank Shinhan Indonesia

Shinhan Bank entered the Indonesian market in 2015 through the acquisition and merger of two local banks, currently operating 37 branches across Indonesia. In particular, it has received recognition for its rapid success in localization, achieving assets of $1.573 million by the end of the first half of the year, marking a remarkable asset growth of nearly 560% compared to the end of 2016 when the acquisition took place.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hyundai-capital-accelerates-indonesian-growth-with-strategic-acquisition-of-pt-paramitra-multifinance-301952972.html

SOURCE Hyundai Capital Services

 

Spread The Word...

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

LATEST POST

Miracle Recreation’s Rube Goldberg Miracle Machines Win GOOD DESIGN Award
Miracle Recreation’s Rube Goldberg Miracle Machines Win GOOD DESIGN Award
Craig P
Craig P. Abod, Carahsoft President, Named a Recipient of Wash100 Award for Excellence in Government Contracting for 10th Consecutive Year
BullFrog AI Announces Underwriter’s Decision to Exercise Over-Allotment Option to Purchase 218,382 Shares of the Company’s Common Stock
BullFrog AI Announces Underwriter’s Decision to Exercise Over-Allotment Option to Purchase 218,382 Shares of the Company’s Common Stock
OnePlus Watch 2 boasts an industry-leading 100-hour battery life and looks suave, too
OnePlus Watch 2 boasts an industry-leading 100-hour battery life and looks suave, too
JSAUX FlipGo portable monitor connects to a laptop with just 1 cable for hassle-free use
JSAUX FlipGo portable monitor connects to a laptop with just 1 cable for hassle-free use
UPDATE – Carahsoft Announces Availability of Salesforce Industry Solutions in AWS Marketplace
UPDATE – Carahsoft Announces Availability of Salesforce Industry Solutions in AWS Marketplace

CONTRIBUTE

Please contribute and support me to keep this website alive. Any BIG or small amount contributed is very much appreciated.

Thank you!