Deal announcement KPMG Law advises Hyundai Capital Europe on obtaining a banking license

KPMG Law advises Hyundai Capital Europe on obtaining a banking license

KPMG Rechtsanwaltsgesellschaft mbH (KPMG Law) provided legal advice to Hyundai Capital Europe on obtaining a full banking license. Hyundai Capital Europe underlines its growth prospects for the European market by establishing its own automotive bank (captive bank). The offering of Hyundai Capital Bank Europe with its business units Kia Finance and Hyundai Finance comprises automotive financing, leasing and insurance products for end customers as well as for Kia and, in the future, also for Hyundai dealers. Direct Banking will follow as a further business area in 2017.

During the establishment process of the bank, KPMG Law provided comprehensive project-specific advice to Hyundai Capital Europe on the preparation of the permit application. Furthermore, KPMG Law represented Hyundai Capital Europe in the licensing procedure vis-à-vis the competent supervisory authorities and the Auditing Association of German Banks (Prüfungsverband Deutscher Banken e.V.). Hyundai Capital Europe had mandated the law firm Schalast as second advisor.

Due to the strong increase in vehicle sales of the Hyundai and Kia brands and the increased demand for sophisticated banking and financial services, the establishment of a separate bank was the logical development of the European strategy. On September 23, 2016, the European Central Bank granted Hyundai Capital Europe permission to conduct banking business and provide financial services. Business operations are scheduled to commence in the coming weeks. From its location in Frankfurt am Main, Hyundai Capital Europe provides financial services as a consultant in Germany and 13 other European markets.

The establishment of our own bank expands the circle of major manufacturer banks represented in Germany. Hyundai Capital Europe also decided to set up in Germany in order to offer banking services in other European countries in the medium term on the basis of a European passport.

Consultant
KPMG Law: Dr. Ulrich Keunecke (lead, Frankfurt), Dr. Matthias Henke (lead, Düsseldorf), Hans Christian Kaiser, (all bank regulatory, banking, corporate and civil law, Düsseldorf), Maik Ringel (data protection, Leipzig), Dr. Gerrit Rixen, Carl Christian Heinen (both antitrust, Cologne), Dr. Jörg Hübner (labor law, Leipzig)

KPMG: Bernd Oppold (Advisory, Munich)

Inhouse Legal: Alexandra Nesselrodt, Andreas Gregor Erm