Hang Seng Bank CEO to receive medical treatment for unspecified illness, but will continue to perform duties, lender says
- Sources say Louisa Cheang Wai-wan does not have Covid-19 and will not need to take lengthy sick leave
- Bank says CEO’s situation will not affect its strategic and development plans
Hang Seng Bank said on Wednesday that Louisa Cheang Wai-wan, its vice-chairman and chief executive, is to receive medical attention, but will still be able to perform her duties.
The bank, a subsidiary of HSBC, said in a stock exchange filing that Cheang, 56, was “undergoing treatment for a recently diagnosed medical condition”, but did not provide any further details. People familiar with the situation said it was not Covid-19, and that she did not need to take lengthy sick leave either.
Cheang and the bank’s board of directors were confident that she could “continue to perform her duties while she undergoes treatment”, Hang Seng said in its filing. “We wish Ms Cheang a speedy recovery and send our best regards to her and her family.”
The bank added that Cheang’s situation would not affect its strategic and development plans.
The bank has had to weather recent challenges in Hong Kong, which have included the anti-government protests, the US-China trade war and the coronavirus pandemic. The city’s economy shrank by 8.9 per cent year on year in the first quarter, its worst since records began in 1974.
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In December, the bank froze pay for its top executives, including Cheang. At the time of her appointment in July 2017, the bank said she had a fixed annual pay package of HK$8.46 million (US$1.1 million), on top of housing and other benefits, as well as a discretionary bonus.