16.12.2024

Prospects for cooperation between ADM Global, Hyundai Capital and Asakabank in the development of auto lending in Uzbekistan

On December 13, 2024, a business meeting of representatives of Hyundai Capital, ADM Global Group of Companies and “Asakabank” JSC was held in Tashkent.

The main topic of the meeting was to discuss the prospects for cooperation in the field of auto lending in Uzbekistan, exchange of experience and the introduction of innovative banking products.

Thanks to the reforms implemented by the President of the Republic of Uzbekistan, our country's economy is developing rapidly, increasing its investment attractiveness for international companies. This is confirmed by the visit of Hyundai Capital, one of the world's largest financial institutions, and the meeting with ADM Global and Asakabank, the country's leader in auto lending.

For information: Hyundai Capital Services – is a South Korean provider of financial services, including auto financing, private and corporate lending. As a financial division of Hyundai Motor Group, the company operates in 12 countries, including Korea, the USA, the UK, China and Germany.

At the meeting, Jae Won Lee, President and CEO of “Hyundai Capital” in Russia and the CIS “Hyundai Capital” expressed its readiness to provide effective international solutions aimed at simplifying auto lending, improving conditions for customers and developing sustainable financial products.

In turn, representatives of ADM Global, the official distributor of Kia, Hyundai Truck & Bus, Chery and Haval in Uzbekistan, stressed the importance of introducing new financial instruments to stimulate sales of passenger cars and commercial vehicles.

ADM Global Commercial Director Alexey Kurenkov noted that “The development of convenient financial instruments is an established need of today's market. Previously, buyers were ready to pay for a car in full from their own funds and wait for it for several months. Today, in connection with the active development of competition in the field of new car sales, it is necessary to provide the client with convenient payment conditions.

“Asakabank” JSC expressed its readiness to participate in adapting the best practices of Hyundai Capital to local conditions and developing car loan programs that make cars more accessible to the population. According to the participants, cooperation will strengthen the country's financial infrastructure.

“We are considered the leader in the volume of car lending by the interim results of 2024, the experience of our team and the bank's developed IT infrastructure allow us to confidently say that we are fully prepared to use the best tools and financing programs in world practice”, – said Deputy Chairman of the Board of “” JSC Bekzod Tangmatov.

The meeting ended with an agreement to continue negotiations in early 2025. At the next stage, it is planned to develop practical steps to increase the convenience and transparency of car lending in Uzbekistan. This will allow the population to purchase cars on more favorable terms.