Hang Seng Bank

Hang Seng Bank CEO Rose Lee will retire in July

Louisa Cheang from HSBC will take over the helm

PUBLISHED : Friday, 09 June, 2017, 12:43am
UPDATED : Friday, 09 June, 2017, 8:46am

Hang Seng Bank vice-chairman and chief executive Rose Lee Wai-mun, 64, will retire from July after serving at the lender for five years, the bank announced on Thursday.

She will be replaced by Louisa Cheang, who has served as group general manager and group head of retail banking at HSBC Holdings since January 2014.

The past few chief executives of Hang Seng, including Lee, have all been sent over from its parent HSBC.

Since Lee took over in May 2012, shares in Hang Seng have risen about 55 per cent to close at HK$162.80 on Thursday.

During her tenure, Lee has led the bank in developing cross-border businesses.

She also played an instrumental role in helping Hang Seng record a one-off gain of HK$10.64 billion (US$1.36 billion) from the sale of an 11 per cent stake in Shanghai-listed Industrial Bank in two transactions in May 2014 and February 2015 for a total of 29.54 billion yuan (US$4.35 billion) on what was originally a 1.7 billion yuan investment in 2004. The bank still holds a 0.88 per cent stake in its mainland peer.

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Cheang will be entitled to a fixed annual remuneration package of HK$8.46 million, on top of housing, a discretionary bonus and other benefits.

She will also become a director of the bank. If she is elected by shareholders at the annual general meeting next year, her term will be extended for three more years.

Meanwhile, Hang Seng also said Andrew Fung Hau-chung, executive director and head of global banking and markets, would also retire from July 4.

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During his 11 years at the bank, Fung has conducted a lot of cross-border business, including the establishment of two joint ventures − Hang Seng Qianhai Fund Management and GZHS Research.