Hang Seng Bank has announced that Vincent Cheng Hoi-chuen has been officially appointed chief executive of the bank, having performed as acting chief executive since March.
Yesterday's development followed the announcement that Hang Seng Bank's former chief executive, Alexander Au Siu-kee, had resigned as executive director of Standard Chartered Bank after working there for less than two months.
Mr Cheng, an executive director of Hongkong Bank, was appointed Hang Seng's vice-chairman and acting chief executive after Mr Au submitted his resignation in controversial circumstances to join arch-rival Standard Chartered.
The 'acting' in front of his title invited speculation as to whether his appointment had been a temporary and emergency solution to the sudden departure of Mr Au.
Mr Cheng has steadfastly declined to respond directly to inquiries relating to this speculation, repeating that the move to make him acting chief executive was the best arrangement the group could reach at the time.
Mr Cheng's immediate challenge will be to report on Monday what is forecast to be the bank's worst interim result in 10 years.