GE signed an agreement to sell its 43% stake in Hyundai Card (HCC) to Hyundai Commercial, Affinity Equity Partners, GIC and AlpInvest to exit its entire 43% ownership in HCC.

Hyundai Card is a joint venture between GE and Hyundai that issues credit cards in the South Korean market. Hyundai Commercial is an affiliate of Hyundai Motor Group. Affinity is a private equity investor focusing on the pan-Asia region. GIC is a sovereign wealth fund established by the government of Singapore and AlpInvest is a global private equity investor.

The transaction represents aggregate GE ending net investment (ENI) of approximately $1.3 billion as of the end of Q4/16. The transaction is expected to close around the end of February 2017.

“As we continue to sell most of the assets of GE Capital, we have worked with our joint venture partner, Hyundai, to find the solution that works best for all parties,” said Rich Laxer, GE Capital chairman and CEO. “We’re pleased that we were able to fully exit our stakes in Hyundai Card Co. Hyundai has been a great partner over the last 12 years providing value for customers.”

Since the April 2015 GE Capital has signed agreements for the sale of approximately $198 billion of businesses, including this transaction, and has closed approximately $190 billion of those transactions. GE Capital has largely completed the process of selling approximately $200 billion of GE Capital businesses.