David Li Kwok-po to step down as chief executive at Bank of East Asia, hands over century-old bank’s rein to his two sons
- Li joins a wave of local tycoons stepping down, follows similar moves by Li Ka-shing, Lee Shau-kee and Stanley Ho Hung-sun
- Adrian and Brian Li, who will become co-chief executives from July 1, have set their eyes on digital banking and Greater Bay Area investment
David Li Kwok-po will step down as chief executive of Bank of East Asia on July 1, the latest in a wave of a generation of local tycoons to retire.
Li, who turned 80 in March, will remain the executive chairman of the century-old bank. His sons Adrian David Li Man-kiu and Brian David Li Man-bun will take over as co-chief executives, the bank said in a stock exchange filing on Thursday.
“I have worked half a century, and am now 80 years old,” the elder Li said in a telephone interview with the South China Morning Post, after the bank’s announcement. “The future strategy of the bank will be in the hands of the younger generation.”
Other tycoons also in the succession process include “King of Gambling” Stanley Ho Hung-sun, Kerry Properties’ Robert Kuok, Shui On Land’s Vincent Lo Hong-shui, as well as Dickson Concepts’ Dickson Poon.
Li is also stepping back at a time of tremendous change in banking, and in Hong Kong’s role with regard to mainland China.