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CGI Finance and Hyundai Capital Services launched joint venture to provide auto finance in France

CGI Finance, a subsidiary of Société Générale Group, and Hyundai Capital Services, Korea’s leading auto finance company, have launched an auto finance joint venture in France.

The aim of this joint venture is to set up a captive finance company in France to further support vehicle sales in the European market by providing financial services for customers and dealers.

CGI Finance and Hyundai Capital France will provide auto finance, including lease, loan and insurance for new and used vehicles to customers of Hyundai Motor Group, which include Hyundai Motor and Kia, and financing services for dealer network of 400 sites in France to support Hyundai Motor Group’s expansion in France.

Kim Hyun-joo, Executive vice president and head of global business division at Hyundai Capital said, "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."

As of the third quarter of last year, Hyundai Capital’s overseas operations account for more than two-thirds of its total assets of 110 trillion won. In France, the sales figures of Hyundai Motor and Kia were up 39.6% and 15.6%, respectively, last year, which will be further boosted and expanded by this joint venture.

Earlier this month, Société Générale also announced its ambition to create a leading global player in sustainable mobility with a total combined fleet of around 3.5 million vehicles. The group signed two MOU with ALD (fleet management and long-term vehicle leasing solutions) under which ALD would acquire 100% of LeasePlan from a consortium led by TDR Capital.