Bank allays fears over CEO's health

Business | Stella Zhai 9 Jul 2020

Hang Seng Bank (0011) said vice-chairman and chief executive Louisa Cheang Wai-wan is sick, but is not suffering from Covid-19.

The bank said in a statement yesterday that Cheang is undergoing treatment for a recently diagnosed medical condition.

It said the board and Cheang are confident that she will be able to continue to perform her duties for the bank while undergoing treatment, and will keep her condition under review as her treatment progresses.

"The board also has every confidence in our executive leadership team to manage the business and execute our strategic priorities," said the bank.

Local media also reported that Cheang is not diagnosed with the coronavirus and she is also working as usual.

It added that she had made this voluntary announcement to avoid unnecessary speculation.

Cheang, 56, joined Hang Seng Bank in 2017 as its vice-chairman and CEO after working for The Hongkong and Shanghai Banking Corporation for 17 years. She succeeded Rose Lee Wai-mun to became the third female CEO of the bank.

She also serves as the international advisor for China Union Pay, the chairman of Hang Seng School of Commerce, as well as the group general manager of HSBC (0005). Prior to her current positions, she was the non-independent executive director of HSBC Amanah Malaysia Berhad and the group head of retail banking of HSBC.

Shares of the bank dipped by 0.9 percent to HK$132.80 yesterday.

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