Hang Seng Bank (0011) chief executive and executive director Diana Cesar will step down next month, and Luanne Lim Hui-hung, the Hong Kong chief at the Hongkong and Shanghai Banking Corporation will take over her roles.
Maggie Ng Yeung Yuk-yu will be the new leader of HSBC Hong Kong in addition to her current role as the Hong Kong head of retail banking & wealth at HSBC, according to a statement from the lender. All the changes will be effective in October, subject to regulatory approval.
Cesar, 56, will return to HSBC Hong Kong as the new vice chair, where she will advise the co-CEOs of Asia and the Middle East to best develop the Hong Kong business and maximise its inherent potential, the statement said.
She joined HSBC in 1999 and was the chief of HSBC Hong Kong from 2015 to 2021 before her time at Hang Seng Bank.
Diana has led Hang Seng through a challenging period, successfully future-proofing the business to enable sustainable growth and brand preference from the local community, the statement said, adding that she has “maintained a very healthy capital position whilst increasing shareholders’ return.”
Given the experience of Lim, the new head, in strategic partnerships, digitalisation, innovation, and her strong collaboration with clients, industry leaders and government bodies, she is “the ideal CEO” to lead the next phase of Hang Seng Bank's development, aligned with the evolving opportunities in Hong Kong, HSBC said.
Ng, the new CEO of HSBC Hong Kong, has overseen significant growth in the lender’s largest retail banking and wealth management market since joining in 2020 and will continue to be a key driver of the bank’s strategic growth, focusing on acquiring new-to-bank international customers and driving wealth sales and digital penetration, said HSBC.
David Liao Yi-chien, HSBC’s Asia and Middle East co-CEO, thanked Cesar for her many contributions to the development and resilience of Hang Seng Bank over the past four years.
Liao also said he was grateful to Lim and Ng for their contributions and achievements.
