The Ministry of Finance yesterday said it has accepted the resignation of Huang Po-yi (黃博怡) as chairman of state-run Taiwan Business Bank (台灣企銀).
Huang’s departure, effective April 1, came just a few months before a board election is to be held and followed a series of similar moves by top-ranking officials at state-run financial institutions.
Like most other local companies, Taiwan Business Bank is due to hold its board election in June and the ministry is in the process of tapping potential candidates.
Photo: CNA
Huang was appointed to the helm of Taiwan Business Bank in November 2017 after his predecessor, Robert Chu (朱潤逢), stepped down to take responsibility for bad loans linked to a high-profile scandal involving Kaohsiung-based Ching Fu Shipbuilding Co (慶富造船).
Huang told reporters yesterday afternoon that Taiwan Business Bank needs a digital transformation and should be steered by others with better qualifications to meet the challenge.
Huang added that he would take a rest before planning his next move.
The ministry said that Taiwan Business Bank president Chang Chih-chien (張志堅) would temporarily take over as chairman until it can find a formal successor.
The ministry last week approved the resignations of Chang Hwa Commercial Bank (彰化銀行) president Huang Rui-mu (黃瑞沐), First Securities Co (第一金證券) chairman Yeh Kuang-chang (葉光章) and president Chen Hsiang-ru (陳香如).
Prior to that, the ministry had approved the resignations of Land Bank of Taiwan (土地銀行) chairman Hwang Bor-chang (黃伯川) and Taiwan Cooperative Bank (合作金庫銀行) president Chen Shih-ching (陳世卿).
The ministry said that financial expertise and relevant experience would be top considerations in its search for replacements.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
RSS