Hyundai Capital acquires GE Capital unit in Korea for $157 million

Hyundai Capital, a South Korean joint venture between Hyundai Motor and GE Capital, said on Monday it agreed to buy a Korea unit of GE Capital for around 180 billion Korean won ($157 million).

“The acquisition aligns with GE’s strategy to build on a strong existing Hyundai Capital and GE Capital joint venture,” Hyundai Capital said in a statement.

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GE Capital Korea, established in 1998, provides corporate lending and equipment leasing services such as healthcare financial services.

Nomura Holdings is set to buy a China unit of GE capital to help Japan’s largest investment bank gain a foothold in the fast-growing financial markets of the mainland, a source told Reuters earlier.

Hyundai Capital deals with auto financing, personal loans and home mortgages and is jointly owned by South Korea’s largest automaker Hyundai Motor Co and GE Capital , which holds a 43 percent stake