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Shin Kong Financial president steps down

Taiwan's Shin Kong Financial Holding Co. Ltd. said Jih-Chu Lee stepped down as president.

The board appointed Min-Yi Huang as president, effective March 17, according to a March 16 stock exchange filing.

Lee concurrently serves as Shin Kong Financial's vice chairman, while Huang is an executive vice president of the company.

The Taiwanese company also said in a separate same-day release that it will issue NT$2.50 billion of subordinated debentures March 30.

The perpetual notes will carry a fixed annual coupon rate of 3.40%. Funds raised from the issuance will be used to raise the company's mid- and long-term capital and enhance its financial structure.

As of March 15, US$1 was equivalent to NT$29.15.