KB Financial Group and HD Hyundai Site Solutions Collaborate to Expand into Overseas Markets

KB Financial Group announced on September 5 that it has agreed to establish a collaborative financial support model with HD Hyundai Site Solutions, targeting overseas construction markets.

On the 4th, at the HD Hyundai Global R&D Center, Cho Youngchul, President of HD Hyundai Site Solutions (left), and Lee Jaegun, Head of Global Business Division at KB Financial Group, are taking a commemorative photo during the business agreement ceremony. Photo by KB Financial Group

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In connection with this, the two companies signed a “Comprehensive Mutual Cooperation Agreement on Global Financing” at the HD Hyundai Global R&D Center the previous day. The signing ceremony was attended by Cho Youngchul, President of HD Hyundai Site Solutions, Lee Jaegun, Head of Global Business Division at KB Financial Group, Bin Jungil, President of KB Capital, and other officials.

Through this agreement, the two companies will go beyond simple financial support to build a new collaborative model that organically combines sales and financing across the construction machinery and heavy equipment industries. Specifically, they plan to: ▲ plan customized financial products for each global region; ▲ establish a joint risk management system; and ▲ set up a collaborative framework with overseas local affiliates.

KB Financial Group will link various financial services such as retail finance, inventory finance, and insurance, and will jointly develop and provide customized financial solutions to reduce customers’ financial burdens throughout the sales process. In addition, the two companies plan to design product structures that meet the characteristics of local markets and customer demand, and to introduce a joint risk management system, thereby creating a sustainable and competitive financial ecosystem.

The two companies have agreed to expand their overseas business opportunities starting with Indonesia. KB Financial Group currently has seven affiliates in Indonesia, including KB Kookmin Bank, the largest number among its group companies. HD Hyundai Site Solutions also possesses accumulated customer data and sales expertise in the local construction machinery market.

Lee Jaegun, Head of Global Business Division at KB Financial Group, stated, “We expect that by leveraging our diverse financial expertise and working closely with overseas construction equipment distribution channels, we can establish a new type of financial ecosystem. Moving forward, we are preparing a variety of collaborative models across all countries where both companies operate, including both emerging and advanced markets.”

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