Roaring tributes for banking titan

Sophie Hui

Tributes poured in for Vincent Cheng Hoi-chuen, the first Chinese executive director of HSBC Holdings, who died on Sunday at the age of 74.

He is survived by his wife and two daughters.

Cheng was also the first Chinese chairman of Hongkong and Shanghai Banking Corp from 2005 to 2010.

Chief Executive John Lee Ka-chiu described Cheng as "an esteemed banker" who promoted "the steady development of Hong Kong's banking industry, commanding high respect in the sector."

And not only had he served in various government statutory and advisory bodies "but he also had been dedicated to charitable causes and made considerable contributions to Hong Kong."

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said Cheng "worked his way up to become an outstanding banker, who made valuable contributions to the overall financial market in Hong Kong."

Cheng joined HSBC in 1978, becoming chief economist in 1986, general manager in 1995 and the first Chinese executive director of the bank in November that year.

He was appointed vice chairman and chief executive of Hang Seng Bank in 1998 and in 2005 chairman of Hongkong and Shanghai Banking Corp.

Peter Wong Tung-shun, the current chairman of Hongkong and Shanghai Banking Corp, said he had "known Vincent for many years both as a colleague and friend. He had broad knowledge of banking, political insight and community services.

"For anyone who knew him you'd understand the role that tenacity and resilience played in Dr Cheng's life, and despite all the odds he faced them with courage."

CK Hutchison Group chairman Victor Li Tzar-kuoi praised the "outstanding performance as the first Chinese chairman of HSBC in Hong Kong" as a "source of pride for Chinese everywhere."

Li and his directors also noted Cheng's "invaluable contributions" after he became an independent non-executive director of Hutchison Whampoa in 2014.

Chinese University vice chancellor and president Rocky Tuan Sung-chi said Cheng, a former council chairman of CUHK, left "an enormous legacy."

That included the expansion of the university's college system, the establishment of CUHK (Shenzhen) and the creation of the CUHK Medical Centre, Tuan added.

Cheng, born in 1948, and was the eldest son of fruit hawkers.

He was diagnosed with poliomyelitis when he was three and walked with a limp.

Cheng studied economics at CUHK in the 1970s and was the president of the student union. He was once viewed as a radical by the British colonial government.

He earned his economics master's degree from the University of Auckland.

Cheng's public and community service included being seconded to the government's Central Policy Unit and acting as an adviser to governor Chris Patten.

He also served as a member of the Legislative Council, the Executive Council and many key committees.

And he was a member of the National Committee of the 11th Chinese People's Political Consultative Conference.

sophie.hui@singtaonewscorp.com