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Santander Brasil, Hyundai reach JV agreement

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Santander Brasil, Hyundai reach JV agreement

BancoSantander (Brasil) SA and unit Aymoré Crédito entered into an agreement with HyundaiMotor Brasil Montadora de Automóveis Ltda. and tocreate a joint venture.

Under the agreement, the companies will establish BancoHyundai Capital Brasil SA and an insurance brokerage firm to provide auto financeand insurance brokerage services to consumers and Hyundai dealerships inBrazil, according to a Form 6-K filed April 29.

Aymoré Crédito will hold a 50% stake in the JV, whileHyundai Motor Brasil and Hyundai Capital will hold 25% each.

The deal is subject to certain conditions, includingregulatory approvals.