(June. 16, 2008, Taipei) SinoPac Holdings held its shareholders meeting on 6th June and re-elected the new Board of Directors. The new delegates had the first Board of Directors meeting today and named Mr. Sean C. Chen as Chairman, and Mr. McKinney Y. T. Tsai as President and CEO, of SinoPac Holdings respectively with immediate effect. Former Chairman Show Chung Ho has become Honorary Chairman of SinoPac Holdings.
Former President and CEO Paul C. Lo has announced his retirement and will still remain as the director of SinoPac Holdings and Chairman of Far East National Bank.
In addition, Bank SinoPac, the banking subsidiary of SinoPac Holdings, also held its Board meeting today and named Mr. Tsai as its Chairman.
Honorary Chairman Show Chung Ho said, "SinoPac Holdings is privileged to have these two elites of the financial services industry on board. Together with the two newly elected independent directors, Felice Chen and Tim Chen, SinoPac Holdings is proud to be run by seasoned professional managers and claims to have the best practice in corporate governance among its peers."
Prior to today's appointment, Chairman Chen, 59, spent nearly one and a half years with KGI Securities as Chairman after serving as Chairman of Taiwan Cooperative Bank and Chairman of Taiwan Stock Exchange for nearly three years each. Before joining the financial services industry from his last post as Deputy Minister of Finance, he stayed with the Ministry of Finance for more than 12 years. Chairman Chen earned an LL.M degree from National Taiwan University and was a DAAD Visiting Scholar to Frankfurt University, Germany.
CEO Tsai, 57, held a number of senior positions at Mega Financial Holding Company from 2006 through 2008, including Chairman of Mega International Investment Trust Co., Chairman of Mega International Commercial Bank and President of Mega Financial Holding Company. Prior to joining Mega, CEO Tsai was President & CEO of International Commercial Bank of China, President & CEO of Taiwan Cooperative Bank and EVP of Chiao Tung Bank. Before playing a key management role in the banking industry, he spent ten years with the Ministry of Finance. CEO Tsai earned a Master of Public Finance degree from National Cheng-Chi University.
On a series of remarkable track records and armed with rich experiences and unrivalled insights, Chairman Chen and CEO Tsai are expected to continue to lead SinoPac Holdings into a new era to further maximize shareholder value and broaden employee horizons and thus become one of the most competitive financial holding companies in the Asia Pacific region.