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Overview

Bank of China provides ₩50 billion KRW revolving credit facility to Hyundai Capital Services for unspecified purposes

Commitments (Constant USD, 2023)$47,229,907
Commitment Year•2013Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•KoreaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2013

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 Capital Service Inc. (HCS)

Loan description

Bank of China provides ₩50 billion KRW revolving credit facility to Hyundai Capital Services for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2011, the Seoul Branch of the Bank of China (BOC) entered into a ₩30 billion KRW revolving credit facility (RCF) 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 South Korean multinational automotive manufacturer Hyundai Motor Company (56.47% stake) and by GE Capital Corporation, the financial services division of American multinational conglomerate General Electric Company (43.53% stake) — for unspecified purposes. Record ID#110230 captures the 2011 RCF. This RCF was still active as of 2012. In 2013, the Seoul Branch of the Bank of China (BOC) entered into a ₩50 billion KRW RCF agreement with Hyundai Capital Service for unspecified purposes. The RCF may have replaced / refinanced the 2011 one. Record ID#110231 captures the 2013 RCF.

Staff comments

1. The 2013 RCF may have replaced / refinanced the 2011 RCF one, but no firm evidence connects the two.