BOC to chair association
IN a widely-tipped move, Bank of China will soon become one of the rotating chairmen of the Hong Kong Association of Banks (HKAB), the influential industry body, sharing the helm with Hongkong Bank and Standard Chartered Bank.
Bank of China's chairmanship, likely to start next year, is a further confirmation of its importance in the financial system since the bank became the third note-issuing firm in May.
The proposal was made by HKAB to the Hong Kong Monetary Authority, the territory's central bank after yesterday's weekly HKAB meeting.
Included in the proposal was the suggestion to reduce the term of the HKAB chairman from two years to one.
Changes will also be made so that instead of one vice-chairman, there will be two.