Cathay United Bank Waives Non-Compete Restriction on Executive
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 Holdings is filing this disclosure on behalf of its banking subsidiary, Cathay United Bank, to announce that a non-compete restriction previously imposed on one or more of its executives has been formally lifted. Under Taiwan's Company Act and FSC regulations, listed financial institutions must publicly disclose any waiver or termination of non-compete obligations binding senior managers, typically signaling a management departure or personnel transition at the subsidiary level. Full details, including the identity of the executive(s) concerned and effective date, are available on MOPS.
Full Translation
On behalf of its subsidiary Cathay United Bank (國泰世華商業銀行), [Cathay Financial Holdings (國泰金控)] announces the release of the non-compete restriction (競業禁止) previously binding a company executive (經理人). Taiwanese law requires financial holding companies and their subsidiaries to publicly disclose when non-compete covenants imposed on senior managers are waived or dissolved; such events typically arise when an executive departs and the company elects to free the individual from any obligation prohibiting them from joining or associating with competing financial institutions. The filing was submitted by the parent holding company acting as authorized proxy for the subsidiary. [Body not available — subject line only. See MOPS for full announcement.]