Wed, Jun 12, 2019 - Page 12 News List

Former First Bank head Grace Jeng reappointed

By Crystal Hsu  /  Staff reporter

The government yesterday approved the reappointed of former First Commercial Bank (第一銀行) president Grace Jeng (鄭美玲) to replace Tsai Li-shieu (蔡麗雪), who held the position for less than three months.

The Executive Yuan approved the reappointment one day after the lender announced Tsai’s resignation and Jeng’s reappointment in a statement.

The personnel change raised eyebrows, as the statement said that Tsai had been on sick leave for the past two weeks after being given the No. 2 position at the state-run lender on April 8.

The bank cited health reasons for Tsai’s departure.

Local Chinese-language media reported that Tsai had difficulty adjusting to her new position, as her former job at state-owned Bank of Taiwan’s (臺灣銀行) auditing department required less management skills.

The Ministry of Finance issued a statement rejecting accusations that appointments at state-run financial institutions were underpinned by patronage.

The ministry’s statement came after opposition lawmakers called the personnel change “surprising” and “absurd.”

Chinese Nationalist Party (KMT) Legislator William Tseng (曾銘宗) said that Tsai’s abrupt departure confirmed her lax appointment by the Cabinet.

Tseng, who chaired the Financial Supervisory Commission before becoming a lawmaker, said that the government should respect professional qualifications when choosing candidates to manage state-run financial institutions.

Jeng, who served in different positions before being appointed bank president for the first time, had indirectly complained about her removal in a handover ceremony in April.

Her credentials earned her the backing of the ministry for her reappointment, local Chinese-language media reported.

The Cabinet in April reshuffled chief executives at state-run Hua Nan Financial Holding Co (華南金控), First Financial Holding Co (第一金控), Land Bank of Taiwan (土地銀行) and Chang Hwa Commercial Bank (彰化銀行).

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