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First Financial president to lead unit First Commercial Bank

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.