Taishin urges ministry to give it CHBCLAIMS OF DECEPTION: Taishin said that a CHB statement that said the ministry had better managed the bank since 2014 was false and meant to deceive its foreign investorsBy Kao Shih-ching / Staff reporterTaishin Financial Holding Co Ltd (台新金控) yesterday asked the Ministry of Finance to let it take over state-run Chang Hwa Bank (CHB, 彰化銀行), and end their legal dispute over the management of the bank, Taishin chairman Thomas Wu (吳東亮) told a shareholders’ conference in Taipei. Wu made the remark after CHB shareholders said they were concerned about the position Taishin would take on CHB’s board during its shareholders’ meeting next week. The conglomerate has been contesting the ministry’s right to manage CHB since 2014, when it lost a majority on the CHB board to the ministry, as the ministry had in 2005 agreed that Taishin should keep the rights. Taishin Financial president Welch Lin speaks to reporters at the company’s shareholders’ meeting yesterday in Taipei. Taishin did a good job running CHB, given that its average ROE was 11.6 percent from 2006 to 2014, higher than all banks’ average of 6.6 percent during the same period, Lin said.

Source: Taipei Times June 12, 2020 15:56 UTC