Exclusive: Dong Ruibin Appoints Prominent Figure as Secretary-General of Financial Services Association

Rumors are swirling in Taiwan's financial sector: the long-vacant Secretary-General position at the Taiwan Financial Services Association (commonly known as Jinzong or the Financial Association), which oversees 36 member institutions including major financial industry associations and regulatory affiliates, will be filled by a heavyweight from the financial holding sector. This marks the first time in seven years that the Secretary-General role will revert to a concurrent appointment, potentially reshaping the succession dynamics within the Green Camp’s financial network.

The Association will hold its chairmanship election tomorrow (the 12th), with Dong Ruibin continuing to lead as the de facto 'Number One Figure in Green-Camp Finance.' The Vice-Chairmanship is expected to follow precedent, with the heads of banking, insurance, and securities associations rotating the role—Chen Jun-hong, Chairman of the Securities Association, and Chen Wan-hsiang, Chairman of the Property Insurance Association, are likely candidates. The Secretary-General position, previously full-time, will now return to a concurrent model and may be formally proposed during tomorrow’s board meeting or the September regular session.

The previous Secretary-General was Wu Dang-jie, former Deputy Chair of the Financial Supervisory Commission and Vice Minister of Finance, who stepped down on February 15 upon turning 68. Deputy Secretary-General Huang Xi-he has been serving in an acting capacity since. Wu was widely respected for his extensive network and coordination skills, earning media praise as a '3A-level Secretary-General.' To find a suitable successor, Chairman Dong spent six months searching before deciding to return to the Association’s founding tradition: appointing a concurrent Secretary-General from among the chairpersons of financial institutions—someone with both influence and policy execution capability.

Dong will remain at the helm, and the chosen successor is Lin Yen-mao, Chairman of Cooperative Financial Holding and Cooperative Bank. This appointment brings sudden attention to Lin, a low-key, courteous, reserved, yet sharp executive from the state-owned banking sector.

A close associate noted that while the concurrent Secretary-General role carries no salary, it is seen as a service to the industry. 'If Lin feels he’s the right fit, he’ll dedicate himself fully,' the source said. Observers in the state-owned financial sector remarked, 'Chairman Dong really likes Yan-mao.' Two anecdotes highlight their rapport.

In August 2024, Dong moved from Chairman of Cooperative Financial Holding to lead兆豐 Financial Holding and Bank. This reunited the previously split roles of Cooperative Holding and Bank under Lin’s sole leadership. Three months later, when Cooperative Bank hosted its first 'VIP Family Day,' Lin enthusiastically invited Dong—now at兆豐—with his two adorable grandchildren, despite their institutions being competitors.

On November 29, 2024, Cooperative Bank held its inaugural 'Cooperative Bank VIP Family Day' at Taipei Children's Amusement Park. Chairman Lin Yen-mao (5th from right) warmly invited兆豐 Financial Holding Chairman Dong Ruibin (5th from left), who attended with his two grandchildren. (Photo courtesy of Cooperative Financial Holding)

Dong is known for his integrity. When attending legislative finance committee hearings, he stays to eat the simple boxed lunch provided, unlike other executives who rush off. Lin has adopted this practice, making them the only two state-owned bank chairmen often seen eating lunch boxes after committee sessions.

Lin’s background includes serving as secretary to Wu Fan-chih and Chen An-hsiung—positions known to cultivate successful executives. A state-owned sector insider noted that many recent high-level appointments involve former secretaries, including Lin, Changhua Bank Chairman Hu Kuang-hua, and Taiwan Business Bank CEO Li Kuo-chung. Lin is described as humble, policy-compliant, adaptable, and politically astute—traits of a successful secretary.

A colleague from Cooperative Financial Group recalled that in 2006, Wu Fan-chih (uncle of National Security Council Secretary-General Wu Chao-sieh) was transferred from Deputy General Manager at Taiwan Bank to General Manager at Cooperative Bank. Unfamiliar with Cooperative, Wu consulted a friend who recommended Lin, then in Cooperative’s finance department. After a 90-minute interview, Wu appointed Lin as his confidential secretary—making Lin his first chief of staff at Cooperative Bank.

Seven months later, Wu was promoted to Chairman of Land Bank of Taiwan. Chen An-hsiung succeeded him at Cooperative Bank, and Lin continued as Chen’s secretary. Chen later promoted Lin to Deputy Manager of the International Division, then swiftly assigned him as Manager of the Hong Kong Branch—a key overseas profit center and leadership training ground for domestic banks. This role laid the foundation for Lin’s rise and expanded his network among top banking professionals.

During Lin’s tenure in Hong Kong, contemporaries included: Wu Chia-hsiao (current CEO, Taiwan Bank), Tsai Yung-i (former Chairman,兆豐 Bank), Wu Ying (current CEO, KGI Financial Holding), the late Lin Chien-hao (former Chairman, Cooperative Financial Holding), Yu Li-ling (current Director of Taichung City Finance Bureau, Land Bank), Shih Kuo-chiang (former Director, Hua Nan Insurance Agency), Tung Chun-hung (current Independent Director, Koyo Seiko), Huang Tsung-kuan (former China subsidiary head,永豐 Bank), and Sung Tien-ying (current Acting Head, Taiwan Legal Financial Division,中信 Bank). 'I owe much to these friends,' Lin said.

Before departing for Hong Kong, Lin reported to then-Chairman Hsu Teh-nan. Hsu, from Hua Nan Bank, reached out to Liu Tsung-lung, Hua Nan’s Hong Kong Branch Manager, saying, 'Cooperative is the junior brother, lagging behind Hua Nan. Please lend them a hand.' Hua Nan’s Hong Kong branch shared some clients with Cooperative, giving Lin a crucial foothold. Hsu later praised Lin: 'He’s excellent—dutiful, respectful to superiors, well-educated, and harmonious in interpersonal relations.'

Born in 1960, 66 years old, and a Cancer, Lin grew up in a large Hokkien family in Daxi District, Taoyuan City. In a casual media chat, he attributed his amiable nature to his upbringing: 'Our family is large, with many uncles. My grandparents, uncles, and many relatives all lived together in Daxi. My parents always taught me that family harmony is important.'

Lin holds a Bachelor’s in Marine Science (predecessor to Life Sciences) with a Navigation focus from Chinese Culture University and an MBA from the University of Missouri, USA. After graduation, he joined Cooperative Bank, starting in teller operations before moving to the fund allocation unit under the business department. 'I had a great mentor—Tu Chen-yuan (former Chairman of Cooperative Life Insurance), who was my section chief at the time,' Lin recalled. When Cooperative established its Finance Department, Tu became its manager, and Lin served in several finance department roles, including Fund Management, Administration, and Bond & Securities.

In 2023, following the sudden passing of then-Chairman Lin Chien-hao, Deputy Premier Cheng Wen-tsan persuaded Dong Ruibin to return to public finance. Dong agreed but only to lead Cooperative Financial Holding, leaving the Cooperative Bank chairmanship open. A source revealed: 'The key figure who pushed to promote Lin Yen-mao from Bank CEO to Chairman was Hung Yao-fu. He flew back from Japan to meet President Tsai Ing-wen, recommending Lin just before Lin Chien-hao’s funeral.' Hung, former spokesperson for Tsai Ing-wen and Secretary-General of the DPP, had stepped down as Vice Chairman of the New Frontier think tank in January 2023 and was in Japan as a visiting scholar.