“The ministry must not engage in any move that would violate the principle of trust, but should yield management rights over CHB to Taishin Financial,” Taishin Financial chief financial officer and spokesman Welch Lin (林維俊) said on the sidelines of an investors’ conference. A district court in April last year ruled in favor of Taishin Financial and asked the ministry not to obstruct its efforts to gain majority control. The two sides reached an agreement in 2005 after Taishin Financial took a 22.5 percent stake in CHB amid a government-led drive for consolidation in the financial services industry. Taishin Financial posted net income of NT$3.33 billion in the first quarter, a decline of 13.2 percent year-on-year, as its investment in CHB lost value and trading operations slowed. The conglomerate aims to boost its corporate lending this year, especially by increasing loans to small and medium-sized enterprises, Taishin Financial president Joseph Jao (饒世湛) said.

Source: Taipei Times May 08, 2017 16:08 UTC