Hyundai Motor Europe Enhances Growth Initiatives through Strengthening Auto Financing Presence
(Seoul, March 3, 2010) Hyundai has enhanced its growth initiatives in Europe by strengthening its auto finance presence in several markets.
Hyundai Motor Europe GmbH has signed a Memorandum Of Understanding (“MOU”) with Santander Consumer Finance to provide private labeling auto financing in eight European markets. Euisun Chung, Vice Chairman of Hyundai Motor Company & CEO, and Magda Salarich, CEO of Santander Consumer Finance, today signed the MOU during the 2010 Geneva Motor Show.
The eight markets include the U.K, Sweden, Italy, Norway and Poland, where Hyundai Motor Company has local subsidiaries, and Finland, Netherlands and Portugal where Hyundai Motor sells through its local distributors. Santander Consumer Finance will serve Hyundai dealers and customers with ‘Hyundai Finance’ as its go-to-market brand in these markets.
Vice Chairman Chung, of Hyundai Motor Company & CEO said, “Partnering with Santander Consumer Finance, the No.1 bank in European auto financing, will help us to offer top quality services to the dealer network and to provide new and attractive financial packages for customers. We expect the strengthened auto financing to play an important role in gaining market share in Europe.”
Javier San Felix, Executive Vice President of Santander Consumer Finance said, "We are delighted that we can offer Hyundai Motor Europe our market-leading products and services to support its future growth.(in Europe-deleted) We expect this agreement to develop into a larger partnership with Hyundai in Western European markets.”