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Bridging the Cultural Gap: Hyundai Card and GE Capital

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  • Jee Hoon Lee

    (Sejong University, Korea)

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.

Suggested Citation

  • Jee Hoon Lee, 2018. "Bridging the Cultural Gap: Hyundai Card and GE Capital," Asian Case Research Journal (ACRJ), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 113-145, June.
    • Handle: RePEc:wsi:acrjxx:v:22:y:2018:i:01:n:s0218927518500050
    DOI: 10.1142/S0218927518500050
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