Updated Tuesday, May 27, 2008 0:00 am TWN, Bloomberg

SinoPac’s Lo says he’ll retire on age, not losses

TAIPEI, Taiwan -- SinoPac Financial Holdings Co. President Paul Lo said he’s retiring because of his age, denying a newspaper report that he’s stepping down because of losses related to U.S. subprime mortgages.

The Commercial Times in Taipei on May 24 said Lo will leave to take responsibility for the losses, without saying where it obtained the information. The company’s retirement age is 60, Lo, 64, said by phone from Taipei yesterday.

Taipei-based SinoPac, the fourth-smallest among Taiwan’s financial holding companies, booked an investment loss of NT$4.13 billion in the first quarter, the company said in a stock exchange filing on April 25. SinoPac’s board approved Lo’s planned retirement and a successor will take over after the June 6 shareholders meeting, according to a statement filed to the exchange May 23.

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