Land Bank's Tsai to concentrate on bank merger

FINANCIAL GIANT The government's plan to merge the three banks into one financial holding firm is part of its efforts to consolidate the industry

By Jessie Ho and Kevin Chen / STAFF REPORTERS

The union plans to file a lawsuit against the government-appointed board directors at Chang Hwa for breach of trust, union president Tsao Ping-kun (曹炳坤) said in the statement.

Taishin Financial hastened the pace of the merger early last month after it named former minister of finance Lee Yung-san (李庸三) as Chang Po-shin's (張伯欣) replacement as chairman of Chang Hwa.

The government owns 15.6 percent of Chang Hwa's shares and has seven out of 15 seats on the board. Taishin Financial has the other eight seats.