The chief executive and vice-chairman of BOC Hong Kong (Holdings) stepped down yesterday after rumours circulated last month over the possible departure of the long-serving leader.
He Guangbei's resignation from all his posts at BOCHK, effective immediately, was "due to age", the bank said in a statement to the Hong Kong stock exchange. He is 60 this year.
In the same notice, BOCHK said that it has appointed current non-executive director Yue Yi to an executive director role, chief executive and vice-chairman.
State bank officials in China are often pushed to retire after the age of 55. Yue, who has worked for Bank of China since 1980, is only two years younger than He. Local media last month reported that He, who has been with Bank of China for nearly 20 years, was under pressure to retire as he approached 60.
BOCHK, which is majority owned by Bank of China, is reportedly considering a sale of its wholly owned banking subsidiary Nanyang Commercial Bank.
After reports circulated on the potential for a US$6 billion sale to buyers such as China Cinda Asset Management, BOCHK said in a regulatory filing that it was conducting feasibility studies into its asset, which could potentially lead to a disposal, although it did not name specific investments.