Hang Seng Bank chief joins rival

Hang Seng Bank vice-chairman and chief executive Alexander Au Siu-kee resigned yesterday to join the rival Standard Chartered Bank Group.

There was speculation that the surprise move was influenced by Mr Au's failure to secure Sir Quo-wei Lee's job when he retired as Hang Seng's non-executive chairman.

David Eldon, former chief executive of Hongkong Bank, replaced Sir Quo-wei late last year.

Mr Au, 51, who joins Standard Chartered as a group executive director, will be based in London to control several aspects of its operations.

He joined Hang Seng 29 years ago and has been vice-chairman and chief executive since June 1995.

His departure appeared to catch HSBC Holdings, Hang Seng's parent company, off guard.