The Ministry of Finance yesterday formally announced that Michael Chang (
First Financial, 35 percent controlled by the government, is scheduled to hold a board meeting on Monday to select the new chairman, said Liu Teng-cheng (
Liu said Chang will also take over Vice Minister of Finance Gordon Chen's (陳樹) seat on the company's board. Chen has served as First Financial's acting chairman since an extraordinary shareholders' meeting last month.
Taiwan Business Bank's chairmanship will be temporarily filled by the bank's president, Peter Lo (
As the two state banks Chang formally chaired -- Bank of Overseas Chinese (
The government downplayed the speculation.
"We respect Chang's decision-making abilities. Whether he continues with the restructuring task launched by his predecessors is up to him," the Finance Ministry's Liu said.
Meanwhile, Liu said that the legislature's decision on Thursday night to slash the NT$40.2 billion (US$1.26 billion) budget earmarked for the release of government shareholdings in five state banks would not affect the second stage of financial reforms.
However, the budget cut will delay the privatization of the Bank of Taiwan (台灣銀行) and Lank Bank of Taiwan (土地銀行), he noted.
The five state banks to be privatized include Taiwan Cooperative Bank (