StanChart’s Ben Hung becomes its first Chinese executive elevated to global management role
UK-based lender, which generates most of its revenues from outside Europe, primarily in Asia, will report third quarter results on Wednesday
Standard Chartered has appointed Benjamin Hung Pi Cheng, the bank’s chief executive for Greater China and North Asia, as its new chief executive of retail banking globally, amid a broader shake-up of the bank’s senior management.
He becomes the first ethnically Chinese person to serve in an executive management role at the UK headquartered lender, which still makes most of its revenues from outside Europe, primarily in Asia.
Hung will take on his new role in addition to his current responsibilities running Standard Chartered’s operations in the region, focused on Hong Kong, mainland China, Taiwan and South Korea.
“The trend in Hong Kong banking has certainly moved towards hiring more ethnically Chinese people in senior roles particularly because of the importance of relationships with China,” said Nigel Chung, principal consultant at Harbridge Partners.
“However, it is unusual for them to take up global roles at banks headquartered outside the region.”
The first, Peter Wong Tung-shun, later became the first Hong Kong Chinese person to serve as chief executive of the Hong Kong Shanghai Bank, HSBC’s Asia Pacific operations.