General Electric has agreed to sell its 43 percent stake in South Korean credit card firm Hyundai Card Co. Ltd. as the US industrial giant continues to trim its exposure to the financial services sector.
Hyundai Commercial Inc., Affinity Equity Partners, GIC and AlpInvest signed a deal to buy the stake, GE said in a statement, without disclosing the deal value, Reuters reports.
GE, which is exiting its investment after 12 years, had 69 million shares in Hyundai Card.
In a regulatory filing, Hyundai Commercial, an auto-financing firm, said on Wednesday it will buy 30.5 million Hyundai Card shares from GE for 298 billion won (US$258 million) for “management purposes”.
Hyundai Motor Co. held 59.3 million shares in Hyundai Card at end-September.
In 2015, GE agreed to sell a 23.3 percent stake in Hyundai Capital, another auto-financing firm for 703 billion won. GE completed the sales of a remaining 20 percent stake in October last year.
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