Ministry of Finance lists names in bank leadership shuffle

The Ministry of Finance yesterday announced several nominations approved by the Cabinet to reshuffle the top leadership of the nation's major state-run banks.

Sean Chen (陳沖), chairman of Taiwan Cooperative Bank (合作金庫銀行), and president Wu Fan-chi (吳繁治) will not have their contracts renewed when their three-year tenure expires on Dec. 31.

Taiwan Cooperative is expected to hold an extra shareholders meeting today to elect a new board.

Chen will be replaced by Hsu Teh-nan (許德南), 63, the chairman of the Bank of Taiwan (台灣銀行), the nation's largest lender. Hsu will also double temporarily as Taiwan Cooperative's president.

Tsai Jer-shyong (蔡哲雄), 61, chairman of Land Bank of Taiwan (土地銀行), was appointed to take over from Hsu as the head of the Bank of Taiwan.

The presidency of the Bank of Taiwan, which has been vacant for months, will be filled by Peter Lo (羅澤成), 59, current president of Taiwan Business Bank (台灣企銀).

Lo's original post will be assumed by Soo Jin-fong (蘇金豐), who is also chairman of Taiwan Business Bank.

Wu, 64, president of Taiwan Cooperative, was appointed to chair Land Bank.

It was understood that the Cabinet had selected Chen, a respected banker who has made great efforts to form a strategic alliance between BNP Paribas and Taiwan Cooperative Bank, to serve as a minister without portfolio.

However, Chen has declined the offer.