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BusinessBanking & Finance

Hang Seng Bank’s chief executive to take three-month leave of absence as she recovers from medical condition

  • Louisa Cheang Wai-wan is expected to take three-month leave of absence
  • Margaret Kwan Wing Han, head of Hang Seng’s wealth and personal banking business, will serve as acting CEO

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Louisa Cheang Wai-wan, Hang Seng Bank’s vice-chairman and CEO, is expected to take a short leave of absence as she recovers from a medical condition. Photo: Nora Tam
Chad Bray
Hang Seng Bank’s vice-chairman and chief executive officer Louisa Cheang Wai-wan will take a three-month leave of absence as she recovers from a medical condition first disclosed last year, according to a statement by the lender.
Margaret Kwan Wing Han, executive director and the head of Hang Seng’s wealth and personal banking business, will serve as acting CEO during her absence, the bank said in a stock exchange filing.
Shares of Hang Seng Bank declined by as much as 1 per cent amid an advancing market in Hong Kong. The bank, which is 62.14 per cent owned by HSBC, the biggest of Hong Kong’s currency-issuing lenders, announced Cheang was undergoing treatment for a “recently diagnosed medical condition” last July, without elaborating.
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(L-R): Executive Director and Head of Retail Banking and Wealth Management, Margaret Kwan Wing-han; Vice-Chairman and Chief Executive, Louisa Cheang Wai-wan; Chief Financial Officer, Andrew Leung Wing-lok; Head of Commercial Banking, Donald Lam Yin-shing; Treasurer and Head of Global Markets, Liz Chow Tan-ling; and Head of Global Banking, Daphne Wat Wing-kam, during the announcement of Hang Seng Bank’s results on February 19, 2019. Photo: Nora Tam
(L-R): Executive Director and Head of Retail Banking and Wealth Management, Margaret Kwan Wing-han; Vice-Chairman and Chief Executive, Louisa Cheang Wai-wan; Chief Financial Officer, Andrew Leung Wing-lok; Head of Commercial Banking, Donald Lam Yin-shing; Treasurer and Head of Global Markets, Liz Chow Tan-ling; and Head of Global Banking, Daphne Wat Wing-kam, during the announcement of Hang Seng Bank’s results on February 19, 2019. Photo: Nora Tam

Hang Seng did not disclose further details of her condition at the time, but said Cheang was able to continue her duties. The bank said at the time that her condition would not affect its strategic or development plans.

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People familiar with the situation previously said that her illness was not Covid-19 and she was not expected to take a lengthy sick leave.

Cheang, a former HSBC executive, has served as Hang Seng’s vice-chairman and CEO since July 2017. She took the top job after the retirement of Rose Lee Wai-mun.

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