The board of Chinatrust Financial Holding Co (中信金控), owner of the nation’s largest credit card issuer, yesterday agreed to promote executive vice president Daniel Wu (吳一揆) to president, replacing James Chen (陳佳文).
In a statement issued by the company yesterday, Chinatrust Financial said Wu would also continue to serve as company spokesman and chief investment officer at Chinatrust Commercial Bank (中國信託商銀). His new appointment will be subject to the financial regulator’s approval, the statement said.
In the meantime, Chen will retain his position as president of Chinatrust Financial’s institutional group, the statement said
In a separate statement, Chinatrust Financial said it had hired “external lawyers to understand and analyze” the American International Group Inc’s (AIG) sale of Nan Shan Life Insurance Co (南山人壽) to a Hong Kong-based consortium last month.
The company denied its board had reached a decision to file a lawsuit against AIG, the statement said.
Several local newspapers yesterday cited Wu as saying that Chinatrust might sue AIG because Chinatrust Financial offered a higher bidding price and more favorable benefits for Nan Shan employees than those from the Hong Kong-based consortium of investors led by Primus Financial Holdings Ltd.
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