HSBC Holdings chairman Sir William Purves stamped his authority across the organisation. His departure augurs a new era and a potential policy shift. All eyes will be on the group's China strategy.
Sir William is thought to have vetoed the sale of a strategic stake in Hang Seng Bank to Beijing. Inevitably, talk of a deal will again dominate industry chatter. The chances of a settlement certainly seem more likely.
David Eldon's appointment at Hang Seng Bank does not suggest an immediate deal, but with Sir William gone commercial reality is more likely to win out.
Hongkong Bank remains one of the last great economic pillars not to have a mainland shareholding interest. To date attention has exclusively focused on a Hang Seng Bank share sale. There are, of course, alternatives.
A new management team less encumbered by emotional attachment to the bank and the past is more likely to countenance a local re-listing of Hongkong Bank with a strategic sale to mainland partners.
After all, Hongkong Bank has far longer experience running corporate business on the mainland and around the region. It rather than Hang Seng Bank has the diversified experience in banking so needed on the mainland.