INVESTMENT PROPOSAL CONCERNS:Bank employees are against the planned IPO, fearing that their job security and benefits could be threatened by the scheme
Date: Sep 04, 2015
By: Crystal Hsu / Staff reporter
Deputy Minister of Finance Wu Tang-chieh (吳當傑), who is acting chairman of the state-owned Land Bank of Taiwan (土地銀行), yesterday said the lender would press ahead with plans to raise new funds through an initial public offering (IPO).
Wu took up the position yesterday from Shiu Kuang-si (徐光曦), who was appointed to the helm of state-run Hua Nan Financial Holding Co (華南金控) after former chairman Liu Teng-cheng (劉燈城) retired upon turning 65 years old.
Land Bank employees staged a demonstration before the swearing-in ceremony to protest the IPO plan, saying that they feared it might lead to the mortgage-focused lender’s privatization and dilute their benefits. [FULL STORY]