Hang Seng Bank promotes son of Hong Kong leader John Lee in China-unit reshuffle
The management changes in the bank’s mainland unit come at a critical time amid the US tariff campaign, a broker says
The lender said that it would promote the junior Lee, 47, to vice-chairman of Hang Seng Bank (China) from his current position as head of strategy and planning and the CEO’s chief of staff at Hang Seng Bank. The bank would also promote deputy CEO William Wu to executive director, CEO and head of wholesale for the China unit, a statement said on Monday.
The pair would take over the roles held by Ryan Song Yue-sheng, currently vice-chairman and CEO of Hang Seng Bank (China), it said, adding that Song would remain in his roles until the end of June before taking up a new role at HSBC. Both appointments would need regulatory approval, the bank said.
“Mainland business has always been an important development for Hang Seng Bank,” said Diana Cesar, executive director and CEO of Hang Seng Bank. “These two new leaders will lead Hang Seng China to achieve further growth and development.”
Wu would lead the lender to restructure its business and tighten its relationship with the parent company HSBC, while Lee would focus on development strategies and management, she said.
“The reshuffle comes at a critical time, as China is facing the threat of the US tariffs,” said Katerine Kou, CEO of local brokerage Victory Securities. “However, since the two new leaders are veteran bankers with experience at the bank, they should be able to help the bank cope with the challenges.”