BOC International Holdings chief executive Li Shan has quit to form his own private equity investment company based in Hong Kong. Announcing his resignation in an internal email on Thursday, Mr Li followed it up with a 40-minute farewell speech to several hundred staff in which he adapted a range of colourful quotes from a US General, a US computer entrepreneur, a Chinese poet and others. 'My favourite movie Patton has a quote: 'Success and failure will become history and glory will fade.' Only from our experience in life can we learn true friendship and warmth built up during a difficult journey,' he told colleagues as he thanked them for their support during his 41/2 years with the bank. He then went on to quote famous Chinese poet Xu Zhimo to demonstrate that his departure from the mainland investment bank did not signify any change in his loyalty to the country. ''Love what you love, and worship what you worship.' We love our country and worship our entrepreneurial spirit.' He also quoted Steve Jobs, head of computer giant Apple when he said: 'I feel I am very lucky that I have been able to do what I love.' He continued: 'After I leave BOCI, I will contribute my energy to create San Shan Company, which means three hills - me and two partners. We will bring in capital and talent to the 'Three hills and five mountains - China.' Last night Mr Li told the South China Morning Post: 'Private equity is very attractive in the current market conditions. It's a good time to raise money.' San Shan, which will begin operations next month from offices in Cheung Kong Center, will focus on mainland investments. Mr Li's partners are westerners and former senior Goldman Sachs bankers. Mr Li added that fundraising for San Shan's first fund has closed with investors from international blue chip companies, although he declined to put a figure on how much had been raised. Mr Li arrived at BOCI from Goldman Sachs. Under his supervision BOCI has branched out into new business, such as fixed income, asset management and equity derivatives which now account for more than 60 per cent of the bank's revenue. Mr Li also oversaw a drastic change at the bank when he halved the staff's basic salaries, putting them on performance-linked bonuses. 'An investment bank cannot thrive on an iron rice bowl-kind of system,' he said at the time. About 80 per cent of the current staff were hired after Mr Li's arrival. Bank of China spokesman Wang Zhaowen said: 'We respect [Mr Li's] decision, and the board of directors of BOCI has approved his resignation and decided to appoint chief operating officer Wang Yan as the acting chief executive.'