Korea Development Bank
The Saehan Motor Company was a South-Korean car maker founded in 1976, which was born on the collaboration of Shinjin Industrial Company and the will of General Motors to introduce their products on the South Korean market. Saehan was born on the former General Motors Korea, which encountered difficulties when the South-Korean market collapsed, following the first round of oil rises in 1973. This joint-venture, 50-50 between GM and Shinjin, consisted on a car assembly plant in Bupyong, a truck assembly plant in Pusan and a foundry at Inchon. In November 1976, Shinjin Motors faced financial problems and sold its 50% stake in Saehan to the Korea Development Bank (KDB). In 1978, the Daewoo Group acquired the equity stake and management rights from KDB. The company was renamed Daewoo Motor Co. in January 1983.