Ted Chung is eying more acquisitions to further drive firm’s ambitions. FMTNews Virus
Ted Chung plans to expand into Europe further after their taking over a German leasing firm.
“Hyundai Capital has so many places to go and coronavirus wouldn’t change that at all,” said Chung, who has been working for South Korea’s second-largest chaebol since 1987 and is the son-in-law of billionaire Hyundai Motor Group Chairman Chung Mong Koo.What started as the financing arm of Hyundai Motor Group is making significant strides in the global market, with its combined overseas financial assets increasing to a record US$41 billion in 2019, nearly double its domestic assets.
Hyundai Card Co, the credit card unit and South Korea’s fourth-largest, will also jump on the globalisation move as it will complete preparations in the first half of this year for its planned initial public offering, which could happen sometime this year or next year, depending on shareholders’ sentiment, Chung said.Hyundai Motor Co’s overseas sales are falling as auto companies face high exposure to the demand shock and supply chain disruptions due to the pandemic.
While the impact of the virus on Hyundai Capital has been small so far, the company is bracing for “real damages,” such as higher delinquencies or write-offs, with many people losing their jobs or suffering from their businesses, Chung said.He said, however, that the impact could be “delayed or partially neutralised” as governments in many countries hand out cash to those hit by the virus outbreak.
Hyundai Card created a big data analytics tool after analysing spending patterns of its credit card customers.
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