First Financial Holding Co. Ltd. President Grace Jeng will take over as president of the company's banking unit, First Commercial Bank Co. Ltd., following the retirement of Chou Po-chiao.

Meanwhile, Wu Ying will replace Jeng as president of First Financial.

The appointments were made by Taiwan's Ministry of Finance, which holds an 11.49% stake in First Financial and is the company's largest shareholder.

Chou's retirement is effective Aug. 28.