China Development sees calm change

China Development Financial Holding Corp's (中華開發金控) new chairperson, 33-year-old Diana Chen (陳敏薰), yesterday held a press conference to ensure investors that she's capable of leading the nation's fourth-largest financial company.

"I may be young, but I am very professional," Chen told reporters yesterday. "And I've been working closely with the company's executives in my capacity as a board member for a long time."

Acting as a temporary chairperson in the absence of Liu Tai-ying (劉泰英), Chen said that she will carry on business plans that were previously mapped out by Liu, whom she called a "great business leader."

In comparison with 13 other financial holding companies -- which focus on the retail banking business -- China Development's advantages lie in its wholesale orientation, Chen said.

Taiwan Ratings Corp (中華信評), a local arm of international rating agency Standard & Poor's, said yesterday in a statement that the detention of Liu does not affect the ratings on China Development.

"It does not appear that the charges brought against Liu have any direct or significant impact on the financial strength of either China Development Industrial Bank or China Development Financial Holding," it said.

China Development aims to expand into a regional investment banking corporation before branching out to be a world megabank, the chairwoman said.

With an MBA from California's Claremont Graduate University, Chen returned to Taiwan in 1997 to head the direct investment department at Lilontex Corp (理隆纖維) and served as a board member to the China Development Industrial Bank (中華開發工銀) since 1988.

After being appointed to head China Development Financial Holding on Tuesday, Chen said she spent her first work day receiving business briefings from each of the company's departments, hoping to become familiar with the company's management sooner.

The company's merger plan with several commercial banks including SinoPac Holdings Co (建華金控) is still under study, Chen added.