February 21, 2019 / 9:07 PM / 3 months ago

Brazil licenses auto lender by Santander, Hyundai

SAO PAULO, Feb 21 (Reuters) - A new Brazilian auto lender operated by Hyundai Capital Services Inc and Banco Santander Brasil SA has been granted a license, the country's central bank said on Thursday.

The bank, called Banco Hyundai, will have 100 million reais ($26.56 million) in capital, Banco Central do Brasil said in a statement.

The partners announced plans for the bank in April 2016.

Hyundai declined to comment. Santander did not immediately respond to a request for comment.

Car loans have driven Santander's growth in Brazil. The bank has extended credit to borrowers shunned by other mainstream banks. ($1 = 3.7651 reais) (Reporting by Aluisio Alvesç Writing by Carolina Mandl; Editing by Richard Chang)

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