Shinhan Bank Establishes Local Indonesian Credit Card Company with Hyundai Capital and Sinar Mas
Shinhan Bank announced on the 11th that it held a signing ceremony for the establishment of a joint venture specialized in credit finance with Hyundai Capital at the Grand Hyatt Hotel in Yongsan-gu, Seoul on the 10th.
Following this business agreement, the two companies plan to acquire Paramitra Multifinance, an Indonesian factoring and leasing credit finance company, along with Indonesia's Sinar Mas Group, and establish a joint venture. Sinar Mas Group is the 4th largest conglomerate in Indonesia, operating in various sectors including finance, resources, food, and energy.
The joint venture will include Shinhan Bank's local Indonesian subsidiary, Shinhan Indonesia Bank, holding a 9.9% stake, while Hyundai Capital and Sinar Mas Group will hold 75.1% and 15% stakes respectively.
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Jung Sang-hyuk, CEO of Shinhan Bank, said, “We are very pleased and honored that Shinhan Bank is participating in the establishment of a joint venture between Hyundai Capital, a leader in automobile finance in South Korea, and Sinar Mas Group, which has local management expertise in Indonesia,” adding, “We will actively strive to enhance financial convenience for the Indonesian people and provide new value through the successful establishment of the joint venture.”
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