The Executive Yuan has approved plans to replace top positions at major state-run financial institutions, effective on Monday next week, the Ministry of Finance said yesterday evening.
The ministry in a statement confirmed media reports that the chairs of First Financial Holding Co (第一金控), Hua Nan Financial Holding Co (華南金控), Land Bank of Taiwan (土地銀行) and Chang Hwa Commercial Bank (彰化銀行) would be changed.
It did not provide reasons.
Former Taiwan Cooperative Financial Holding Co (合庫金控) chairman Jason Liao (廖燦昌) is to assume the helm at First Financial, while Bank of Kaohsiung (高雄銀行) sitting chairman Derek Chang (張雲鵬) would head Hua Nan Financial, it said.
Liao is a veteran banker who parted with Taiwan Cooperative Financial in November 2017 to take responsibility for losses in connection with a loan default by Kaohsiung-based Ching Fu Shipbuilding Co (慶富造船).
Liao would replace Ray Dawn (董瑞斌), who is to take up another government-appointed post after guiding First Financial to record profits last year.
Chang, who worked for different positions at Hua Nan Financial for 40 years before joining Bank of Kaohsiung in 2017, would replace Hua Nan Financial chairman Wu Tang-chieh (吳當傑), it said.
Wu’s term is to expire soon amid reportedly cold interactions with the Lin family, the next majority shareholder after the ministry, the Central News Agency reported.
The Lin family and government-controlled stakes approve of Chang, it said.
Meanwhile, Taiwan Cooperative Bank (合庫銀行) president Hwang Bor-chang (黃柏川) is to become chairman of Land Bank, the nation’s largest mortgage operator, the statement said.
Hwang has long-standing credentials in property and land financing.
He earlier said that the local property market would stage a recovery this year, driven partly by demand for industrial land from Taiwanese companies based in China to avoid extra tariff burdens imposed by Washington on Chinese exports.
Hwang is to replace Joanne Ling (凌忠嫄), who is to become the chairwoman at Chang Hwa Bank, the ministry said.
With a master’s degree in finance, Ling served different positions at the ministry before being tapped to head Land Bank.
Chang Hwa Bank chairman Chang Ming-daw (張明道) is due to retire after turning 65 last year.
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