Deputy Minister of Finance and concurrent Chairman of the Central Deposit Insurance Corporation Mr. Teng-Cheng Liu on July 11, 2008 became Chairman of Taiwan Cooperative Bank. The Board of Directors of CDIC on July 10, 2008 elected Mr. Fred S.C. Chen to serve as CDIC’s new Chairman, and also held the handover ceremony for the incoming and outgoing chairmen on that same day, over which Political Deputy Minister of Finance Mr. Sheng-Ford Chang presided.
The former Deputy Minister of Finance, Mr. Teng-Cheng Liu, concurrently served as the Chairman of CDIC for a period of six months commencing on January 15, 2008. During his tenure as Chairman he had many accomplishments. In particular, under his leadership, CDIC successfully sold by tender the assets, liabilities and businesses of The Chinese Bank and Bowa Bank, and clearly contributed to financial stability. At the same time, he received the affirmations of international deposit insurance community, thereby significantly raising Taiwan’s international status.
Our incoming Chairman, Mr. Fred S.C. Chen holds a master’s degree in public finance from National Chengchi University and has served in various capacities at the Central Bank of China (Taiwan), as an officer in its Foreign Exchange Department, as a Division Chief in the Economic Research Department, and as the Director General of the Financial Inspection Department. He has also concurrently served as a lecturer and associate professor at Fu Jen Catholic University and Tamkang University. In view of CDIC’s new Chairman Mr. Chen’s vast experience, it is firmly believed that, under his distinguished leadership and with his firm grasp of the competent authority’s policies, he will be able to play a very important role in safeguarding the rights and interests of depositors and maintaining financial order.