February 21, 2019 / 9:27 PM / 2 months ago

Brazil licenses auto lender by Santander, Hyundai

SAO PAULO (Reuters) - A new Brazilian auto lender operated by Hyundai Capital Services Inc and Banco Santander Brasil SA has been granted a license, the country’s central bank said on Thursday.

The bank, called Banco Hyundai, will have 100 million reais ($26.56 million) in capital, Banco Central do Brasil said in a statement.

The partners announced plans for the bank in April 2016.

Hyundai declined to comment. Santander did not immediately respond to a request for comment.

Car loans have driven Santander’s growth in Brazil. The bank has extended credit to borrowers shunned by other mainstream banks.

Reporting by Aluisio Alvesç Writing by Carolina Mandl; Editing by Richard Chang

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