Press Releases in Hong Kong

HSBC Hong Kong CEO Cesar takes top job at Hang Seng Bank

This file photo dated March 17, 2021 shows the HSBC Holdings Plc headquarters building in Hong Kong. (CHAN LONG-HEI / BLOOMBERG)

HSBC Holdings Plc’s chief executive officer for the Hong Kong Special Administrative Region (HKSAR) has been appointed to the top job at Hang Seng Bank Ltd. 

Louisa Cheang, the chief executive of Hang Seng, will extend her leave of absence while she receives medical treatment and return as an HSBC executive “in due course,” according to an emailed statement from Hang Seng bank

Diana Cesar will succeed Louisa Cheang on Sept 1, according to an emailed statement from the bank. HSBC has started a process to find a new CEO for its Hong Kong business. 

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Luanne Lim, the chief operating officer at HSBC in the HKSAR, will assume the role of interim chief executive for the operations in the city until a successor is appointed. 

Louisa Cheang, the chief executive of Hang Seng, will extend her leave of absence while she receives medical treatment and return as an HSBC executive “in due course,” according to the statement. 

HSBC, Europe’s largest lender, is steering billions of dollars in capital toward Asia to lift its profitability while shrinking or exiting operations in other parts of the world. Key to its growth strategy in Chinese mainland is capitalizing on the rising affluence in the world’s second-largest economy. 

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The London-based bank owns about 62 percent of Hang Seng.