Hyundai Motor and Shinhan Bank's partnered installment savings product will be released next year.
Hyundai Motor's Kim Seung-chan, head of domestic operations, and Shinhan Bank's Jang Ho-sik, head of the CIB group, signed a memorandum of understanding (MOU) for the development of auto finance products on the 15th at Hyundai Motor's Gangnam-daero headquarters. Although the partnered installment savings will come out next year, they also agreed to jointly develop various other auto finance products.
The partnered installment savings to be launched early next year is a savings product that offers preferential interest rate benefits to Shinhan Bank customers who wish to purchase a Hyundai vehicle.
A Hyundai Motor official said, "Through the business agreement with Shinhan Bank, we have laid the foundation for a strategic partnership," and added, "We will continue to strengthen cross-industry cooperation to provide greater value to customers."
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