Mon, Jun 29, 2009 - Page 12 News List

Union members of Bank of Taiwan protest Chinfon deal

By Crystal Hsu  /  STAFF REPORTER

About 100 Bank of Taiwan (臺灣銀行) union members yesterday protested against the state-run bank’s planned takeover of debt-ridden Chinfon Commercial Bank (慶豐商銀), a Ministry of Finance official said.

The ministry received a petition from union members over the matter, a ministry official told the Taipei Times.

The protest came ahead of scheduled price negotiations between Bank of Taiwan and the Central Deposit Insurance Corp (CDIC, 中央存保) tomorrow over the so-called “good bank” part of Chinfon — which includes its assets, liabilities and operations.

National Treasury Agency ­Director-General Hwang Ding-fang (黃定方) said the state bank has yet to reach a conclusion on whether to buy the assets.

While the state bank’s board authorized chairwoman Susan Chang (張秀蓮) to proceed with the takeover, Hwang said he believed the state bank would take care of the government’s interests.

CDIC took over Chinfon in September and asked the Bank of Taiwan to run Chinfon’s daily operations during the transitional period. CDIC entered price negotiation with potential buyers of Chinfon after it failed to auction off the good part of Chinfon in March.

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