The new leadership at China Development Financial Holding Corp (
Chen stressed the importance of corporate governance and compliance with the law, while Koo highlighted the principles of company image, staff integrity and performance.
Koo said three principles he will be focusing on are the image, the ethics and the performance of the lender. He further vowed to boost the company's share price, noting that its shares lagged far behind those of its competitors.
They shrugged off questions about a future management reshuffle, including possible appointments to top management at subsidiaries China Development Industrial Bank (中華開發工銀) and Grand Cathay Securities Co (大華證券).
Standard & Poor's (S&P) ratings service said yesterday that its ratings of both China Development Financial and China Development Industrial Bank will not be affected in the near term by Chen and Koo's appointments.
But S&P said in a statement that it would have to closely study whether the appointments will lead to a change in strategic direction for the China Development Financial group, which could in turn have long-term effects on the companies' credit profiles.
Asked if KGI Securities Co would increase its stake in China Development, Koo said yesterday that KGI was reviewing the "recapitalization plan" and may raise its stake over the next three years.
KGI may have to raise new capital for future share acquisition since its affiliate China Life Insurance Co (
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