UniCredit Bank becomes the cash management partner for Hyundai Motor CIS
September 2015 has become a turning point in the relationship between Hyundai Motor CIS, a Russian subsidiary of the leading world car manufacturer, and AO UniCredit Bank, the largest international Bank in Russia, when it was announced that UniCredit Bank won the Cash Management mandate. Previously this year, Hyundai launched a tender aiming to optimize cash and liquidity management services. The Bank has shown great diligence and professionalism in structuring a proposal that would accommodate all the ambitious goals, envisioned by the Company to maximize the efficiency of its operations, as dictated by its leading position on the market.
“Russia is a strategic market for Hyundai Motor Group and we are fully committed to developing our business here both extensively and intensively in the long-term perspective”, said Mr. Koo Young Key, General Director of Hyundai Motor CIS. ”We planned to find a banking partner that would share our vision of developing business in Russia, and provide the right tools and services that would help reach our goals in the most optimal way. After carefully analyzing the offers we received from major Russian and International Banks, all of which were prepared with great level of dedication and competence, we decided that UniCredit Bank would be the best candidate”.
“The strong foundation for the beneficial relationship between the Company and the Bank dates back to 2007, when Hyundai Motor CIS was established in Russia,” said Kirill Zhukov-Emelyanov, Member of the Board of AO UniCredit Bank. “Since then UniCredit and Hyundai Motor CIS has gradually expanded their areas of cooperation earning each other’s trust, and proving mutual commitment to doing business together”.
UniCredit Bank has developed a profound understanding of the Hyundai’s main underlying principles the Company operates on, which allowed it to prepare a tailor-made Cash Management offer that could meet the highest expectations of the Group. The fact that the Bank has won the tender has proven that UniCredit Bank and Hyundai do share this common connection and understanding of how they could develop joint business opportunities even further, ultimately leading to greater benefits for both sides.