Banker named vice finance minister

Minister of Finance Lin Chuan (林全) yesterday named Yang Tze-kaing (楊子江), president of China Development Industrial Bank (開發工銀), as vice finance minister, replacing Sam Wang (王得山), who will take the helm at the Taiwan Futures Exchange (TAIFEX, 台灣期貨交易所) in late July.

"Yang's experience in the nation's banking sector, capital markets and industrial development makes him highly qualified for the vice-minister position," Lin said at a press conference yesterday afternoon.

Lin added that Yang's extensive experience will assist the ministry's financial reforms and policy-making.

Yang, 49, who has a PhD in business management, began his friendship with Lin in the 1980s when both pursued graduate studies at the University of Illinois at Urbana-Champaign.

Yang has worked at China Development since 1988.

Expressing his gratitude for the nomination, Yang yesterday said that he is "honored to serve the country."

"I hope to contribute my 15 years of experience [at China Development] -- in commercial and investment banking as well as the venture-capital business -- to help strengthen the banking sector's competitiveness," Yang said yesterday, stressing the importance of financial health in the nation's future economic development.

Giving their blessing to Yang's appointment, Diana Chen (陳敏薰) and Benny Hu (胡定吾), chairpersons of China Development Financial Holding Co (開發金控) and its subsidiary CDIB, yesterday lamented the loss of talent at the company.

Hu said that Yang outshined other professional bankers since he had extensive experience in dealing with the privatization of state-owned banks and enterprises. Yang also succeeded in helping China United Trust & Investment Co, (中聯信託), which suffered a bank-run crisis in 2001, turn a profit, Hu said.

"We're glad to see him move up because we put the benefits of the nation's 23 million people beyond those of the company's 600,000 shareholders," Hu said.