China Resources Enterprises (CRE) has appointed four executive directors to the board of HKCB Bank Holdings in an effort to exert greater control over its subsidiary. CRE and the Lippo Group have equal stakes of 30.5 per cent in HKCB, the holding company of the Hong Kong Chinese Bank. The directors are: Frank Ning Gaoning, CRE managing director; Ralph Keung Chi-wang, CRE director and financial controller; and Fan Jiayang and Yuen Kwong-ming who are both financial advisers to CRE's parent, China Resources Holdings. Stephen Edward Clark, founder of investment bank Anglo Chinese Group, is appointed independent non-executive director of HKCB Bank Holding. An analyst said the appointment was in line with CRE strategy. 'The move also indicates CRE may buy shares from Lippo if it wants to sell. 'It is a good chance for CRE to learn about banking and financing,' he said. Meanwhile, Thomas Clydesdale resigned as the executive director of the bank. Edwin Neo resigned as independent non-executive director.
