EnTie Commercial Bank (
Replacing Chiu is Mike Chiba, a partner and chairman of Longreach Group, which spent NT$18.8 billion (US$560 million) to acquire a 51 percent controlling stake in the bank.
The four other new board members are also representatives from the private equity firm: Kazunori Okimoto, Bernard Kwan, Makoto Inoue and Yasuyuki Miyoshi.
EnTie is scheduled to hold another shareholders' meeting on Dec. 27 to complete a full board reshuffle after its new foreign owner takes over the company's helm, bank spokesman Tang Tsung-chi (
Tang said that capital infusion from Longreach had transformed EnTie, which had been posting losses, into a foreign-owned bank.
Chiba's three-year chairmanship took effect yesterday, Tang said, but added that the new chairman was looking for a chief executive officer to manage the bank.
"It's likely that he will search in the local talent pool for a Taiwanese professional who has had experience working for foreign-owned banks," he said.
Speculation on potential candidates has been widely reported in the Chinese-language media, which said Chiba may consider offering a package deal that includes an annual salary of NT$22 million to Jesse Ding (
Both Ding and Kung rejected the speculation yesterday.
On Oct. 25, Taiwan Ratings Corp (
Taiwan Ratings said that the ratings reflected EnTie's adequate capitalization after the completion of its proposed capital injection plan and adequate liquidity.