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)