Overview

Bank of China provides a $500 million USD loan to Hyundai Motor Group for its business development

Commitments (Constant USD, 2023)$1,161,260,871

Commitment Year•2001Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2001

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Hyundai Mobis Company Limited
Hyundai Motor Company
Kia Corporation (formerly Kia Motors Corporation)

Loan description

Bank of China provides a USD $500 million loan to Hyundai Motor Group for its business development in South Korea in 2001

Interest type•Unknown

Narrative

Full Description

Project narrative

In December 2001, domestic and overseas branches of the Bank of China (BOC) signed a $500 million USD credit line loan agreement with Hyundai Motor Company — a South Korean multinational automotive manufacturer headquartered in Seoul — and Kia Motors Corporation — a South Korean multinational automobile manufacturer headquartered in Seoul that had Hyundai Motor Company as its largest shareholder (36.3% stake at the time) — and Hyundai Mobis Company Limited — a South Korean automotive and car parts and service company headquartered in Seoul listed on the Korea Exchange (17.55% owned by Kita Motors; 19.98% owned by Hyundai Motor Company) — together making up the Hyundai Motor Group for its business development. The proceeds were to be used by the borrowers for its business development, particularly in China and South Korea, with expectations that it would support its expansion into the Chinese market.