Woori and Mahindra to organize JV for vehicle financing

Will help finance vehicles sales for Ssangyong Motor.

South Korea’s Woori Financial and India’s Mahindra & Mahindra Financial Services Ltd will examine the potential of organizing a joint venture to provide financing solutions to customers of Ssangyong Motor.

Ssangyong Motor is majority owned by Mahindra & Mahindra Ltd the parent company of Mahindra Finance. Mahindra & Mahindra recently raised its holding in Ssangyong Motor to 72.85%. Mahindra Finance is one of India's largest rural finance companies with assets of US$5 billion.

The JV will allow Woori Financial to strengthen customer marketing and financial support. Mahindra Group said it choose Woori Financial as its partner to establish an auto-financing company in Korea since Woori Financial has financial strength and a large customer base.