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Woori Financials, an affiliate of the Woori Financial Group in Korea, has signed a memorandum of understanding with Mahindra and Mahindra Financial Services Ltd (Mahindra Finance), to evaluate and establish a joint venture for financing Ssangyong Motor’s vehicles in Korea. Ssangyong Motor is majority owned by Mahindra & Mahindra Ltd.
Woori Financials and Mahindra Finance, part of the $16.2-billion Mahindra Group, are to work together and provide appropriate financing solutions to customers of Ssangyong vehicles. Through this alliance, Woori Financials plans to strengthen its customer marketing and financial support through joint investment with Mahindra Finance. The investment figures were not provided.
The Mahindra Group chose Woori Financials to establish an auto-financing company in Korea given its strong brand, financial strength and large customer base, M&M said in a statement.
Woori Financials’ strengths of stable cash flow, a competitive rate of interest and sales knowhow are expected to provide further strength to the joint venture. The two companies are to explore opportunities for working jointly.
Mahindra Finance manages assets of around $5 billion. The company has a joint venture in the US with De Lage Landen Financial Services, a Rabo Bank subsidiary, to finance Mahindra Tractors.
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