Bank of China (Hong Kong) deputy chief executive Chan Tze-ching has resigned, just two months after his much-publicised arrival at the mainland-owned institution. The bank cited health reasons for his departure.
A banking source said Mr Chan had taken leave after the Lunar New Year, indicating he had effectively worked at the bank for only about a month.
'Mr Chan has confirmed that there are no matters with respect to his resignation that need to be brought to the attention of the company's shareholders,' BOCHK said in a statement to the stock exchange yesterday. 'The board expresses its sincere wish to Mr Chan for a full recovery as soon as possible.'
BOCHK did not give any further details, and Mr Chan could not be reached for comment.
However, the news generated speculation that Mr Chan might be leaving because of 'culture shock'.
'Mr Chan could be leaving due to culture shock,' said Chim Pui-chung, legislator for the financial services sector. 'He has been a banker for the Citigroup for 27 years and he had never worked in any other bank. There are a lot of differences between mainland and US lenders' cultural and working environments. I think Mr Chan didn't feel comfortable doing things the Chinese way and it isn't a surprise to see him leave.'
However, a source close to Mr Chan said he was leaving because he suffered from a disease that needed long-term treatment, but denied that it was cancer.