Chairman Chen finds it all too much

The surprise resignation of Steven Chen as Chairman of Chunghwa Telecom last week has thrown the region's investment bankers into something of a spin. Just last week, Chunghwa sent out a request for proposals to around 15 investment banks to organize and underwrite the former Taiwanese telecom monopoly's international IPO. The deal is set to be structured as a $4 billion ADR issue and the mandate to lead manage it is one of the most prized in the region.