Louisa Cheang to step down as Hang Seng Bank CEO

Louisa Cheang Wai-wan will step down as Hang Seng Bank's chief executive officer and vice-chairman starting September 1, to be succeeded by Diana Cesar.

That followed Cheang's taking of a three-month medical leave from May 7 this year. She will be re-posted to the Hongkong and Shanghai Banking Corporation.

Cesar is currently group general manager of HSBC Holdings plc and chief executive officer, Hong Kong of HSBC. Her new position at Hang Seng will take effect on September 1.

She will concurrently take up the positions of chairman of the executive committee and a member of the nomination committee in the place of Cheang.

On the same day, Margaret Kwan Wing-han will cease to be the acting chief executive and will remain as executive director and head of wealth and personal banking of Hang Seng.

Peter Wong Tung-shun will step down as a non-executive director of Hang Seng, also from September 1, to focus on his role as the non-executive chairman of HSBC and the adviser to the chairman and the CEO of HSBC Holdings.