The Ministry of Finance announced yesterday the appointment of Financial Supervisory Commission Vice Chairwoman Susan Chang (張秀蓮) as chairwoman of the state-run Taiwan Financial Holding Co (臺灣金控) and Bank of Taiwan (臺灣銀行).
With a master’s degree in economics, Chang, 60, will replace Tsai Jer-shyong (蔡哲雄) as head of the two 100 percent government-owned financial institutions, starting on Monday, the ministry said.
The government launched Taiwan Financial Holding on Jan. 2 after combining the Bank of Taiwan, the Land Bank of Taiwan (士地銀行), the Export-Import Bank of the Republic of China (中國輸出入銀行), the BankTaiwan Life Insurance Co (臺銀人壽保險) and a Bank of Taiwan brokerage unit to create the nation’s largest financial service provider by assets.
Last month, the government said it would maintain the independence of the Export-Import Bank and prevent it joining the holding company. Taiwan Financial is Asia’s 18th largest bank and the 91st biggest in the world, ministry figures showed.
The ministry said yesterday that Peter Lo (羅澤成), the Bank of Taiwan’s incumbent president, would retain his post and double as acting president of Taiwan Financial. Lo, 61, has a master’s degree in economics from Chinese Culture University. His appointment will also take effect on Monday, the ministry said.
Land Bank of Taiwan (士地銀行) chairman Wu Fan-chi (吳繁治) will leave his post as acting president at Taiwan Financial, the ministry said.
The ministry has approved the appointment of a central bank official to head the government-owned Central Deposit Insurance Corp (CDIC, 中央存保).
Fred Chen (陳上程), director general of the central bank’s department of financial inspection, has been appointed CDIC chairman, the ministry said.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
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