China Development Financial Holding Corporation (hereinafter referred to as “CDF”) launched a high-level management team reshuffle. Today (26th), the Board of Directors approved Alan Wang to succeed as the Chairman and Paul Yang to take over as President & CEO. At the same time, CDF has appointed the positions of Chairman and President for its subsidiaries: Alan Wang will also serve as Chairman of KGI Life Insurance, Yu-ling Kuo will serve as President of KGI Life Insurance, and Paul Yang will serve as Chairman of KGI Bank. The new management team officially take office and will lead CDF to a new milestone.
CDF stated that under the leadership of Chairman, Alan Wang and President & CEO, Paul Yang, the new management team will fully utilize group resources, maximize business synergies, promote the growth of KGI Bank’s assets and distributions; build business and investment profitability growth momentum for KGI Life Insurance to respond to changes in the market environment; strengthen the development of KGI Securities’ wealth management and overseas business; deepen cooperation between CDIB Capital Group and Taiwan’s high-tech companies, and develop private equity products suitable for Taiwan’s wealth management market; improve the overall financial performance of CDF and maintain a consistently stable dividend policy.
Alan Wang and Yu-ling Kuo have a wealth of experiences in the insurance industry. As the insurance industry is about to align with IFRS17 and ICS, KGI Life has also recruited Winston Yung and Andy Lin to serve as Senior Executive Vice Presidents. Winston Rung has served as a director of McKinsey & Company (Hong Kong) and as CEO of the Hong Kong region, where he has successfully helped KGI Life in developing business distributions and digital transformation with remarkable achievement. He has rich experiences in insurance industry; Andy Lin, who has served as the CFO of CDF and KGI Bank, is well-versed in financial management affairs and has comprehensive experience within the group. In the future, they will assist KGI Life in smoothly integrating and maximizing synergies at the areas of business distribution, organizational momentum and financial management.
Photo courtesy of CDF
Paul Yang, CDF President & CEO and KGI Bank Chairman, has extensive experience in financial management, investment and M&A. In the past, during his tenure at CDF, he successfully transformed China Development Industrial Bank into a regional asset management firm and expanded CDF’s business roadmap in commercial banking and securities business through M&A. In the future, he will make good use of the advantages of the group and develop a balance approach in the three major pillars of personal banking, corporate banking and financial markets to steadily expand the scale of various businesses.
Steve Bertamini, the former President & CEO of CDF, vigorously promoted the company’s transformation during his tenure, introduced many advanced foreign systems to enhance employee engagement and NPS, and his achievements are outstanding. He will continue to serve as a Board of director at CDF. In addition, CDIB appointed David Chou as Vice Chairman at the beginning of the year. David Chou has served as Managing Director, Asia Investment Director and Global Partner of Goldman Sachs, and has more than 25 years of experience in the international financial market, providing M&A advisory services for American industrial, high-tech and manufacturing transactions.
CDF stated that through the high-level management reshuffle, CDF’s new management team will lead the group to open up a new pattern of innovation and become a leading financial institution in Asia.
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
ADVERSARIES: The new list includes 11 entities in China and one in Taiwan, which is a local branch of Chinese cloud computing firm Inspur Group The US added dozens of entities to a trade blacklist on Tuesday, the US Department of Commerce said, in part to disrupt Beijing’s artificial intelligence (AI) and advanced computing capabilities. The action affects 80 entities from countries including China, the United Arab Emirates and Iran, with the commerce department citing their “activities contrary to US national security and foreign policy.” Those added to the “entity list” are restricted from obtaining US items and technologies without government authorization. “We will not allow adversaries to exploit American technology to bolster their own militaries and threaten American lives,” US Secretary of Commerce Howard Lutnick said. The entities
Minister of Finance Chuang Tsui-yun (莊翠雲) yesterday told lawmakers that she “would not speculate,” but a “response plan” has been prepared in case Taiwan is targeted by US President Donald Trump’s reciprocal tariffs, which are to be announced on Wednesday next week. The Trump administration, including US Secretary of the Treasury Scott Bessent, has said that much of the proposed reciprocal tariffs would focus on the 15 countries that have the highest trade surpluses with the US. Bessent has referred to those countries as the “dirty 15,” but has not named them. Last year, Taiwan’s US$73.9 billion trade surplus with the US
Prices of gasoline and diesel products at domestic gas stations are to fall NT$0.2 and NT$0.1 per liter respectively this week, even though international crude oil prices rose last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices continued rising last week, as the US Energy Information Administration reported a larger-than-expected drop in US commercial crude oil inventories, CPC said in a statement. Based on the company’s floating oil price formula, the cost of crude oil rose 2.38 percent last week from a week earlier, it said. News that US President Donald Trump plans a “secondary