[THE INVESTOR] Hyundai Capital announced on Oct. 17 that the European Central Bank has approved its application to establish Hyundai Capital Bank Europe.

The automobile financing arm of the Hyundai Motor Group plans to offer automobile financing programs for Hyundai Motor and Kia Motors’ vehicles in the European market.

Hyundai Capital Europe is held 80 percent by Hyundai Capital and 20 percent by Kia Motors.

The company is located in Germany, and plans to begin operations in December.

By Choi He-suk (cheesuk@heraldcorp.com)