Affinity and the two other investors based abroad had been demanding that Hyundai Card go public within this year, when they bought their shares from General Electric for 370 billion won in 2017.
Some market observers regarded the card firm’s aggressive collaborations with various other companies to release private label credit cards (PLCCs) as alternative ways of raising its valuation, but Chung denied any correlation between the PLCCs and his company’s IPO.