Cathay United Bank Waives Non-Compete Restriction for Manager(s)
Original: 代子公司國泰世華商業銀行公告解除經理人競業禁止
Summary
Cathay Financial is filing on behalf of its banking subsidiary, Cathay United Bank, to announce the release of a non-compete obligation previously binding one or more managers. Non-compete waivers of this type typically arise when an executive departs and the company elects not to enforce the restriction, or when the restriction is mutually rescinded. This may signal a management departure at the bank-level subsidiary. Full body available on MOPS.
Full Translation
Subject line (translated): 'Announcement on behalf of subsidiary Cathay United Bank regarding the release of the non-compete restriction applicable to manager(s).' Cathay Financial Holdings (2882) is publishing this material disclosure on behalf of its principal banking subsidiary, Cathay United Bank (國泰世華商業銀行). The announcement concerns the formal rescission or waiver of a non-compete covenant (競業禁止) that had been in effect for one or more persons holding a managerial title (經理人) at the bank. Under Taiwan's Company Act and FSC regulations, financial institutions must disclose such releases as material information because they may indicate an executive's departure and potential movement to a competing firm. [Body not available — subject line only. See MOPS for full announcement.]