Hyundai Card "Taiwan Fubon Financial to Participate in Management as SI... No IPO Planned for the Time Being"
Fubon Bank Secures 9.99% Stake... Fubon Life Acquires Additional 9.99%
[Asia Economy Reporter Yu Je-hoon] Taiwanese financial company Fubon Financial Group has secured about a 20% stake in Hyundai Card and will participate in management as a strategic investor (SI). Accordingly, Hyundai Card has decided not to consider an initial public offering (IPO) for the time being.
Hyundai Card announced on the 20th that Fubon Financial has agreed to participate as a major investor in Hyundai Card, and the shareholder change procedures have been finalized accordingly.
Fubon Financial purchased about 20% of Hyundai Card's shares held by the Affinity Consortium, which was previously a financial investor (FI) holding 24%. Fubon Bank, a subsidiary of Fubon Financial, purchased 9.99% and became a shareholder in February, and Fubon Life purchased an additional 9.99%, completing the shareholder change procedures on the 19th of this month. The remaining shares held by Affinity were purchased by Hyundai Commercial in February at Affinity's request.
With approximately a 20% stake in Hyundai Card, Fubon Financial is expected to participate in management as a major shareholder alongside Hyundai Motor Group. A Hyundai Card official explained, "We understand that Fubon Financial highly evaluated Hyundai Card's growth potential in various dimensions such as PLCC, data science, and branding as an SI of Hyundai Card."
Fubon Financial, a leading Taiwanese financial company, is a global enterprise providing financial services in various fields such as insurance, banking, and securities. Fubon Financial Group entered the domestic market in 2018 through the acquisition of Hyundai Life (now Fubon Hyundai Life), a part of Hyundai Motor Group.
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Meanwhile, with the completion of the shareholder change procedures, the IPO process requested by the Affinity Consortium, the former FI, for a smooth exit has been halted. Hyundai Card stated, "Since Fubon Financial has joined as an SI, we will not consider an IPO for the time being."
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