The consumer finance unit of U.S.-based General Electric has nearly completed negotiations for a business tie-up with Hyundai Card, South Korea?s third-largest card issuer by assets, business sources said Sunday.
GE Consumer Finance, GE?s auto financing unit, has been in talks with Hyundai since January to acquire stakes in the South Korean credit card issuer, and is currently ironing out differences, the sources said.
“The agreement is likely to be reached before the end of the first half of this year at the latest,? a financial industry source said on condition of anonymity.
GE Consumer Finance will pay 400 billion won to buy a stake of up to 40-percent in Hyundai to become the No. 2 shareholder, according to the sources.
