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Overview

Bank of Communications contributes $5 million USD to a $160 million USD syndicated loan to Hyundai Capital Services for unspecified purposes

Commitments (Constant USD, 2023)$9,382,580
Commitment Year•2006Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 31, 2006
Last repayment (originally scheduled)
Mar 30, 2008

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • National Agricultural Cooperative Federation (NH) (NACF)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Korea Development Bank (KDB)

Receiving agencies

Private Sector

  • Hyundai Capital Service Inc. (HCS)

Loan description

Bank of Communications contributes to a USD $160 million syndicated loan to Hyundai Capital Services for unspecified purposes in South Korea in 2006

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On March 31, 2006, a syndicate of five banks — including the Bank of Communications (BoComm) — signed a $160 million USD syndicated loan agreement with Hyundai Capital Service Inc. (HCS) — a South Korea-incorporated provider of consumer financial services ranging from auto-financing, private financing, and corporate financing that acts as the financial service unit of Hyundai Motor Group headquartered in Seoul jointly owned by Hyundai Motor Company (56.12% stake) and by GE Capital Corporation, the financial services division of American multinational conglomerate General Electric Company (43.88% stake) — for unspecified purposes. The loan carried a maturity period of two years. BoComm contributed $5 million USD to the loan syndicate. In addition to BoComm, the following lenders contributed the respective amounts to the loan syndicate: Calyon ($37.5 million USD), Korea Development Bank (KDB) ($37.5 million USD), National Agricultural Cooperative Federation ($40 million USD), and Sumitomo Mitsui Banking Corporation (SMBC) ($40 million USD). Calyon, KDB, National Agricultural Cooperative Federation, and SMBC served as mandated lead arrangers. BoComm joined in syndication as a co-arranger.