Mega Financial Holding, a Taiwan-based financial holding company dealing with commercial banking, wealth management, and investment banking services, has appointed senior banking veteran Michael C.S. Chang as its newest chairman, following a recent shakeup at the position, according to a Reuters report.
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Mr. Chang steps into his new role just a day after seeing the position vacated by the departure Shiu Kuang-si, who quit after the New York branch of the firm’s banking unit was fined in July by New York regulators for anti-money laundering violations.
The shakeup will see Mr. Chang’s announcement tendered later this week. He joins the group after serving as chairman of state-controlled First Financial Holding Co Ltd from 2006 to 2008.
The relinquishing of the role by Shiu Kuang-si occurred a little more than a month into the job, as the bank’s US unit was hit with a fine of $180 million for lapses in its anti-money laundering program, ultimately prompting the change in leadership.