TAIPEI, Dec 8 (Reuters) - Taiwan’s government won the majority of seats in Chang Hwa Commercial Bank’s board elections on Monday, beating Taishin Financial Holdings and paving the way for it to regain control of the mid-sized lender.
The finance ministry, the second-biggest stakeholder of Chang Hwa, won four board seats and two independent board seats. Taishin Financial, which counts BlackRock Inc as a foreign investor, won two board seats and one independent board seat, Chang Hwa Bank said following the elections.
The ministry’s political deputy minister Wu Tang-Chieh told Reuters in an interview last week that it urged foreign investors to elect its representatives to the board as it seeks to wrest control of Chang Hwa from Taishin Financial.
Taishin Financial is the top shareholder in Chang Hwa after buying a stake from the Taiwanese government for $1.2 billion in 2005. (Reporting by Emily Chan and Faith Hung; Editing by Ryan Woo)