Taishin Financial later announced that it would sell its CHB shares within six years and would not nominate new CHB board members or exercise its voting rights in the state-run bank’s board elections, ending its decades-long management dispute with the Ministry of Finance. The entrance of Taishin Financial Holding Co’s headquarters is pictured in Taipei on May 23, 2019. The commission has reviewed Taishin Financial’s financial profile, and believes the firm’s financial strength should remain sound over the next three years, Tong said. Taishin Financial has promised to retain all Prudential Life Taiwan employees and protect policyholders’ rights, she said, adding that the firm’s board members must endorse its commitments before obtaining formal approval from the FSC. Prudential Life Taiwan would be renamed, he said, adding that Taishin Financial’s appointment of a new management team at the insurer has not been approved by the commission.

Source: Taipei Times June 01, 2021 15:56 UTC