Bowa Bank chief may head Waterland

Waterland Financial Holdings Co (國票金控), which elected a new board of directors only last week, will have Bowa Bank (寶華銀行) chief Victor Liu (劉維琪) as its new chairman if a board meeting scheduled for next week approves this personnel decision, a major shareholder said yesterday.

Chen Ming-jen (陳明仁), managing director of Chang Hwa Commercial Bank (彰化銀行), might become the general manager of the nation's smallest financial services provider, according to Chen Jer-fang (陳哲芳), head of Nice Group (耐斯).

The group, which secured five seats in Waterland's 11-member board last week, currently invests in or runs several companies such as Central Insurance Co (中央產險), Janfusun Fancy World (劍湖山世界) theme park, Bowa Bank and food manufacturer AGV Products Corp (愛之味).

With Taiwan Cooperative Bank (合作金庫銀行) and the International Commercial Bank of China (ICBC, 中國國際商銀) sitting on the board on behalf of the government, Chen Jer-fang yesterday made a phone call to Minister of Finance Lin Chuan (林全) to seek the government's support.

"The minister said he has no opinion as long as the board meeting next week passes the decision," Chen Jer-fang quoted Lin as saying.

The board meeting is slated to be held next Tuesday, he added.

Another major force on the board is led by Hung San-hsiung (洪三雄), chairman of Taiwan Financial Asset Services Corp (台灣金服). Hung's group has secured four seats on the board.

As the tug-of-war between Chen Jer-fang and Hung for Waterland's leadership had been intense even before the board was elected, Chen will have to reach a consensus with Hung as soon as possible to stabilize the company's operations.