Santander Consumer (UK), Hyundai Capital Services, Hyundai Motor UK, and Kia Motors UK have incorporated a new joint venture business resulting in the creation of a new company, Hyundai Capital UK.

Hyundai Capital UK will become the captive finance provider to the 152 Hyundai and 170 Kia dealerships throughout the UK. The joint venture is due to start trading in mid-2012.

Tony Whitehorn, president & CEO of Hyundai Motor UK, said: “The agreement with Santander Consumer is part of Hyundai UK’s development and represents a strong commitment to the UK market place.

“Santander Consumer belongs to one of the largest banks in Europe and this joint venture will provide our dealer partners and customers with peace of mind, and provides us, as a business, with a tremendous opportunity to offer customers lower cost finance and better products.”

Michael Cole, managing director of Kia Motors UK, said: "Our relationship with both Hyundai Capital and Santander Consumer has been excellent and I am confident this step will only further cement those working partnerships for the benefit of our customers and our dealers."