Chen Ming-jen approved as Waterland's president

The board of Waterland Financial Holding Co (國票金控), the nation's smallest financial holdings, yesterday approved the appointment of Chen Ming-jen (陳明仁), Chang Hwa Commercial Bank's (彰化銀行) managing director, as Waterland's president.

The board meanwhile also approved two groups of seven appointees representing the financial holdings firm in the boards of two subsidiaries, International Bills Finance Corp (國際票券) and Waterland Securities Co (國票證券), Waterland chairman Victor Liu (劉維琪) said in a phone interview yesterday.

Liu himself will double as International Bills' chairman, he said.

Waterland's biggest shareholder, Nice Group (耐斯), reportedly secured three seats on each of the two boards, while Taiwan Financial Asset Services Corp (台灣金服公司) chairman Hung San-hsiung's (洪三雄) camp and the Ministry of Finance each had two members in the groups.

Liu, however, declined to comment, saying that all board members were jointly nominated and approved by all shareholders.

The chairman of Waterland Securities may not be chosen until later this month.

Nice Group took five of the 11 seats on Waterland's board on June 29 after months of intense competition with a group of investors led by Hung.