Skip to content
AidData logo

Overview

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

Commitments (Constant USD, 2023)$46,994,620
Commitment Year•2016Country 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 25, 2016
Last repayment (originally scheduled)
Jan 25, 2017

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

  • Agricultural Bank of China (ABC)

Receiving agencies

Private Sector

  • Hyundai Capital Service Inc. (HCS)

Loan description

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

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

On January 25, 2016, the Seoul Branch of the Agricultural Bank of China (ABC) entered into a ₩50 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 (59.68% stake), and by South Korean multinational automobile manufacturer Kia Motors Corporation (20.10% stake), by GE Capital Corporation, the financial services division of American multinational conglomerate General Electric Company (20.22% stake) — for liquidity purposes. The RCF carried a maturity period of one year and a final maturity date of January 25, 2017.