BAKU, Azerbaijan, August 10. Uzbekistan's ADM Group, South Korea's Hyundai Corporation Singapore and leasing company FINCOM have launched a joint venture with an initial investment of about $40 million, targeting the expansion of auto financing and leasing in the Uzbek market.
This was reflected in the statement by ADM Group.
The partnership, which was signed at the Tashkent International Investment Forum, aims to build an investment and leasing portfolio of up to $100 million within five years, the companies said.
The joint venture will initially offer leasing solutions for Kia vehicles produced in Uzbekistan and sold through ADM's dealer network. The partners plan to expand the product range to other brands represented by ADM, including CHERY, HAVAL, TANK, Changan and Hyundai Truck & Bus.
The company also plans to develop leasing solutions for commercial transport and specialized equipment, as well as financing products for commercial real estate and corporate customers.
“Each party will contribute its own expertise and resources to the project,” FINCOM co-founder Stanislav Kim said.
Under the partnership, Hyundai Corporation will provide access to international financial instruments, global expertise and corporate governance practices. FINCOM will develop leasing products, manage operations and oversee customer service, while ADM will contribute its extensive automotive distribution network, production and distribution capabilities and customer base.
The partners expect the joint venture to provide more flexible financing options as demand for leasing products grows in Uzbekistan.
ADM is one of Uzbekistan's largest automotive groups, with more than 90 official dealerships across the country. The company owns ADM Jizzakh, an automotive plant built with private investment, and works with several international brands.
FINCOM, meanwhile, is among Uzbekistan's leading auto leasing companies and operates 12 branches nationwide. It serves as a financial partner for leasing programs covering brands including Kia, CHERY and HAVAL.
The launch adds a major international financial partnership to Uzbekistan's growing automotive ecosystem and could broaden access to vehicle financing for consumers and businesses.
