Wei Chi-lin of IBF Denies Reports of Being 'Forced Out'

CNA reporter Su Siyun, Taipei, May 25. IBF Financial Holdings will hold a board election on the 29th. Media reports suggested that "78-year-old Zhang Zhaoshun is stepping in to save the day and forcing Wei Chi-lin out." Today, IBF Chairman Wei Chi-lin stated that he recognizes IBF is moving toward state-led management and has prioritized a smooth transition of power from the beginning, making the "forced out" narrative factually incorrect.

IBF will hold a shareholders' meeting on May 29 to elect directors. Based on the list of new director candidates, the market interprets that the public sector is likely to gain control. Notable names on the list include former Mega Financial Holding Chairman Zhang Zhaoshun and former First Financial Holding General Manager Wu Ying.

Regarding recent media reports about him being "forced out," IBF issued a press release today. Wei stated that there is a significant gap between the reports and the facts. He has long been involved in national economic and financial public affairs and served as an advisor to the Executive Yuan's Economic Development Committee, consistently maintaining a stance of full understanding and cooperation with government policies to maintain financial stability.

Given the major changes in IBF's ownership structure, with public financial institutions' holdings rising above 22%, Wei pointed out that he recognizes IBF's future development will be state-led. Therefore, considering the company's long-term stability and the interests of over 200,000 shareholders, he has prioritized a smooth transition of management from the start.

IBF noted that since the beginning of this year, Wei has actively cooperated with the changes in shareholder structure, assisting in promoting various business and personnel arrangements. In January, based on suggestions from the public sector, Wei personally proposed adjustments to the chairmanship of IBF Securities.

Wei stated that he met with senior government officials in March to express his intention to step down and ensure a smooth handover. He also expressed hope that the adjustment of IBF's board seats would be negotiated in a harmonious and stable manner led by the public sector, avoiding excessive conflict and proxy battles, and maintaining financial market stability. He also mentioned the operational goal for Rakuten Bank to reach break-even within 2-3 years.

Wei pointed out that to maintain a smooth handover, the company has adopted a temporary freeze on senior personnel appointments at the assistant vice president level and above since mid-April, following public sector suggestions. He also fully respected and adopted suggestions such as increasing the budget for shareholders' meeting souvenirs. Objectively, the media's "forced out" claim is clearly inconsistent with the facts.

IBF stated that Wei also expressed gratitude to major shareholder TSG Group. After learning that Wei would not continue in any board seat, TSG Group expressed hope that Wei would serve as their corporate representative, regardless of whether they were allocated one or two seats. However, TSG Group never mentioned any issues regarding the chairmanship.

Wei noted that he and Zhang Zhaoshun have been friends for nearly 30 years. He praised Zhang's extensive financial experience, particularly his leadership in anti-money laundering and internal control reforms following the 2016 Mega Bank New York branch incident. He also praised Wu Ying, who was originally appointed as Vice Chairman by major shareholder First Bank, for her integrity, professionalism, and extensive financial background, noting their excellent cooperation.

Wei expressed confidence in IBF's future, believing that under the leadership of Zhang Zhaoshun and Wu Ying, IBF will continue to move forward steadily and reach new heights.