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Chair of China Development replaced

China Development Financial Holding Co (中華開發金控) yesterday appointed veteran banker Chen Mu-tsai (陳木在) to replace outgoing chairman Lin Cheng-yi (林誠一), who unexpectedly tendered his resignation on Thursday night after ruling Chinese Nationalist Party (KMT) lawmakers questioned his credentials.

China Development said in a filing to the Taiwan Stock Exchange yesterday that its board elected Chen — a former chairman of China Development before Lin took his place in March 2006 — to take the helm of the state-controlled financial holding company.

Chen, 63, will formally take over the chairmanship on Monday, the filing said.

He served as chairman of state-run Bank of Taiwan (臺灣銀行) between 2000 and 2004, and led the Farmers Bank of China (農民銀行) between 1998 and 2000.

Separately, Chang Hwa Commercial Bank (彰化銀行) yesterday elected president Julius Chen (陳淮舟) as its new chairman after its two largest shareholders, Taishin Financial Holding Co (台新金控) and the Ministry of Finance, settled differences over the leadership reshuffle.

Chen said Chang Hwa Bank under his leadership would seek to improve its management and financial performance and would not engage in talks about a merger with Taishin Financial in the first year.

Chang Hwa Bank vice president William Lin (林維樑) will take up the vacancy left by Chen.
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