Hyundai to sell off financial business to raise cash

  Hyundai Group announced Sunday that it will sell off its financial businesses, including Hyundai Securities Co., to improve its liquidity, South Korean News Agency (Yonhap) reported. The conglomerate said it will raise 3.3 trillion won (US$3.1 billion) by selling its three financial units and other assets such as Banyan Tree hotel in a bid to pay off its debts and prepare for future financial demand. "Our cash holdings are enough for the first half of next year, but we took pre-emptive and voluntary measures to dispel concerns from markets (over our cash flows)," said an official at the business group. The sales of its financial companies, which are expected to fetch up to 1 trillion won, are aimed at resolving its liquidity crunch and regaining the trust of the markets, Hyundai Group said. The group is putting Hyundai Securities and unlisted firms Hyundai Asset Management Co. and Hyundai Saving Bank up for sale.