Hyundai Capital acquires Indonesia’s PT Paramitra Multifinance
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 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.
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