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.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
‘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