December 9, 2015 / 12:16 AM / 2 years ago

GE to sell Hyundai Capital stake to Hyundai Motor Group, Fubon: report

The logo of U.S. conglomerate General Electric is pictured at the company's site in Belfort, April 27, 2014.Vincent Kessler

SEOUL (Reuters) - General Electric Co (GE.N) will sell a 43 percent stake in unlisted Hyundai Capital to Hyundai Motor Group and Taiwan's Fubon Group for up to 1.4 trillion won ($1.19 billion), the Korea Economic Daily reported on Wednesday, citing unnamed sources.

A unit of GE Capital International Holdings Corp, part of GE, currently owns 43.3 percent of auto loan firm Hyundai Capital. GE plans to sell a 23 percent stake to Hyundai Motor Group and a 20 percent stake to Fubon Group, the Korea Economic Daily said.

Hyundai Motor Group, which already owns 56.5 percent of the company, declined to comment. GE and Fubon could not be immediately reached for comment.

Reporting by Se Young Lee

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