Bridging the Cultural Gap: Hyundai Card and GE Capital

Jee Hoon Lee
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Jee Hoon Lee: Sejong University, Korea

Asian Case Research Journal (ACRJ), 2018, vol. 22, issue 01, 113-145

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.

Date: 2018
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DOI: 10.1142/S0218927518500050

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