Banking legend Sir Quo-wei to retire in March

AFTER serving as the executive chairman of Hang Seng Bank for the past 13 years, Sir Quo-wei Lee, 77, is to retire with effect from March 1.

Sir Quo-wei, whose name has been tied to Hang Seng Bank for almost half a century, would continue to preside over the board and shareholder meetings as non-executive chairman, the bank said yesterday.

John Gray, chairman of Hongkong Bank and a vice-chairman of Hang Seng Bank, said: 'Sir Quo-wei Lee has served Hang Seng Bank with distinction for almost half a century. With Mr S.H. Ho, Mr Ho Tim and other senior colleagues, Sir Quo-wei has created an institution with a record of sustained profitability and an unrivalled reputation for customer service; an institution which has grown into the second largest bank incorporated in Hong Kong.' The retirement of Sir Quo-wei, together with the retirement of David Ho as vice-chairman in 1993, marks the completion of the management's transition, with the veteran bankers fading out of the business. Hang Seng Bank will be in the hands of a new generation of bankers, including chief executive Alexander Au Siu-kee and deputy chief executives Alice Lam and Roger Luk.

Undoubtedly the most prominent local banker, Sir Quo-wei represents an important era of the territory's banking and financial history, when Hong Kong experienced the pains of developing into a sophisticated financial centre.

His move to conclude the deal of selling a 51 per cent stake of Hang Seng Bank to the HSBC Group in difficult times in 1965 helped stabilise the banking sector.

Hang Seng Bank's conservative and prudent image is a reflection of Sir Quo-wei's philosophy in running banking business.