The board of EnTie Commercial Bank (
Ding is expected to take office on Dec. 3, a company press release said yesterday.
Amid media speculation that EnTie's newly-elected chairman Mike Chiba had offered a package deal that included an annual salary of more than NT$22 million (US$680,000) to CEO candidates, the bank refused yesterday to reveal the compensation offered Ding.
"It is highly confidential," bank spokesman Tang Tsung-chi (
In a statement, Chiba, who is also a partner and chairman at Longreach, yesterday called Ding a "top-tier financial talent who will help EnTie incorporate international financial services to become a niche bank with world-class standards."
Before he joined Taipei Fubon Bank, as Taipei Bank (
In June, Longreach, the buyout firm founded by former UBS AG investment banker Mark Chiba, agreed to pay NT$23 billion for a 51 percent stake in Taiwan's unprofitable EnTie Bank.
In return, Longreach secured five seats on EnTie's nine-seat board last week.
Rising defaults on consumer loans have taken a toll on EnTie Bank, which controls 1.2 percent of deposits in Taiwan.
The bank lost NT$3.52 billion in the nine months ended Sept. 30, compared with a net loss of NT$3.15 billion a year earlier, Taiwan Stock Exchange statistics showed.