MOF may slow down pace of forming financial holding firms.

Taipei, Jan. 31, 2002 (CENS)--The government may revise the plan of encouraging establishment of financial holding companies (FHCs), although the direction of pushing mergers and acquisitions among financial institutions will remain unchanged

New Finance Minister Lee Yung-sah outlined yesterday the new policy when he said it is not necessary to continue encouraging the formation of new FHCs if they cannot generate expected effects and results

Lee, chairman of the International Commercial Bank of China (ICBC), made the remarks at a farewell reception hosted by his ICBC colleagues. He said he felt the speed of organizing FHCs in Taiwan is a little bit too hasty …