MINOR GAINS:Up to 80 percent of CHB’s profits are from debit recovery, but the Ministry of Finance has said the practice does not contribute to top line business
Date: Feb 23, 2017
By: Crystal Hsu / Staff reporter
State-run Chang Hwa Commercial Bank’s (CHB, 彰化銀行) government-appointed board members yesterday said that significant earnings improvement have made them confident of maintaining management rights as the lender prepares for board of directors elections later this year.
The move is expected to rile the largest shareholder, Taishin Financial Holding Co (台新金控), which is suing the Ministry of Finance over claims it failed to help Taishin win a majority in the boardroom in line with a 22.5 percent share purchase agreement in 2005.
“CHB’s financial performance improved after shareholders awarded government representatives management rights in 2014, and we will not step aside if they do the same this year,” CHB chairman Chang Ming-daw (張明道) said. [FULL STORY]