Fri, Nov 17, 2006 - Page 12 News List

Chang Hwa Bank chief forced to resign

By Amber Chung  /  STAFF REPORTER

Chang Hwa Bank (彰化銀行) president Chen Chen-chao (陳辰昭) was forced to resign late last night, an official from the bank's union said.

Julius Chen (陳淮舟), president of Taishin Financial Holding Co (台新金控), is expected to fill the vacancy, the union's president, Tsao Ping-kun (曹炳坤), told the Taipei Times in a telephone interview last night.

Taishin Financial is the largest shareholder in the state-controlled Chang Hwa, with a 25 percent stake. The change is the latest twist in the management struggle between the two financial institutions.

Tsao said the bank's board meeting had been postponed to next Friday from next Wednesday in order to include details of the new president's appointment on the agenda.

"Chen Chen-chao was forced to step down so Taishin Financial can control things," Tsao said. "We are furious and will take strong action in protest, including staging a strike."

The union demanded that in future Taishin Financial representatives leave the boardroom when there is a discussion of issues involving a share swap between the two companies.

Bingo Lee, a special assistant to Taishin Financial's chairman Thomas Wu (吳東亮), said Chen Chen-chao resigned of his own free will and the company respected his decision. He declined to confirm whether Julius Chen would take over.

Chang Hwa spokesman Miles Chang (張明文) said he had no idea about the changes and declined to confirm the meeting schedule.

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