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- Title
Bridging the Cultural Gap: Hyundai Card and GE Capital.
- Authors
Lee, Jee Hoon
- Abstract
In 2004 and 2005 GE invested about 1.3b USD in Hyundai Card and Hyundai Capital in a deal that saw them become the 2nd largest shareholder of each company. At that time, the two Hyundai-owned companies had been significantly affected by the credit card crisis in Korea and both were in dire need of capital in order to normalize their operations. After forming a joint venture with GE, Hyundai Card and Hyundai Capital experienced a cultural clash between GE’s principle-oriented culture and Hyundai’s speed-orientated culture. Nevertheless, Hyundai Card and Hyundai Capital overcame these difficulties and created synergetic processes in a way that sees it defined as being one of GE’s most successful foreign joint venture cases. The joint venture between GE and Hyundai is not just simply a combination of financial assets, it is a tight bond that reflects the chemical fusion that can exist between corporate culture and people.
- Subjects
FINANCIAL institutions; HYUNDAI Card Co. Ltd.; HYUNDAI Capital (Company); CORPORATE reorganizations; INVESTORS
- Publication
Asian Case Research Journal, 2018, Vol 22, Issue 1, p113
- ISSN
0218-9275
- Publication type
Article
- DOI
10.1142/S0218927518500050