Taiwan's Fubon becomes No. 3 shareholder of Hyundai Card

SEOUL, May 20 (Yonhap) -- South Korean card company Hyundai Card Corp. said Friday that Taiwan's Fubon Financial Holding Co. emerged as its No. 3 shareholder with a 19.98 percent stake.

Fubon Life Insurance Co., the insurance leg of Fubon Financial, bought a 9.99 percent stake this month following Fubon Bank's purchase of 9.99 percent in February.

With Fubon's participation as a strategic investor, Hyundai Card said it will not consider an initial public offering (IPO) for a while.

Fubon purchased its stake in Hyundai Card from a consortium led by Affinity Equity Partners.

Hyundai Motor Co., Hyundai Card's automaking sister company, holds the largest stake of 36.96 percent and Hyundai Commercial Inc. has 29.56 percent.

Hyundai Motor's smaller affiliate Kia Corp. holds an 11.48 percent stake.

Founded in 1961, Fubon Financial operates as the leading financial investment group, spanning banking, securities, insurance and asset management.

Fubon ventured into the South Korean financial industry with a stake purchase in Hyundai Life Co. in 2018, now named Fubon Hyundai Life Co.

jwc@yna.co.kr
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