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Ministry looks to Angelo Koo to head China Development

The Ministry of Finance is attempting to pave the way for KGI Securities Co (中信證券) president Angelo Koo (辜仲瑩) to take up the chairmanship of China Development Financial Holding Corp (中華開發金控) in three years, local Chinese-language media reported yesterday.

The Commercial Times reported that the finance ministry, KGI and former chairwoman Diana Chen (陳敏薰) held a closed-door meeting on Tuesday to discuss potential candidates for the seven-member standing committee of China Development's new 21-member board.

The report also said the ministry and KGI may each snatch three seats on the standing committee, while Chen will be given the remaining seat.

The ministry also struck a deal with KGI to allow its proxy-solicitation partner to shoulder more management responsibilities by nominating Koo to take up both presidencies at China Development and its subsidiary China Development Industrial Bank (中華開發銀行). KGI has spent tens of billions of dollars to acquire the company's shares.

"If KGI increases its stake and Koo does a good job over the next three years, he may have the chance to take over the helm of China Development Financial in three years," the paper quoted an unidentified top-ranking finance official as saying.

On Tuesday, the ministry and KGI jointly recommended Chen Mu-tsai (陳木在), chairman of the Bank of Taiwan, and Koo to serve as chairmen of China Development Financial and its subsidiary, respectively, after claiming the highest number of board seats.

Should Koo take up China Development's presidency, a management reshuffle is likely to follow to introduce KGI-affiliated managers.

Domestic media yesterday mentioned possible replacements for Chen Mu-tsai to head the Bank of Taiwan. Possible candidates include vice ministers of finance Yang Tze-kiang (楊子江) and Susan Chang (張秀蓮), and former Taiwan Sugar Co (台糖) chairman Wu Nai-jen (吳乃仁).
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