Hang Seng Bank Announces Board And Management Changes

The Board of Directors of Hang Seng Bank today (2 March 2009) announced that Raymond Or, 59, will retire from his position as Vice Chairman and Chief Executive of the Bank with effect from the conclusion of the Annual General

By None

The Board of Directors of Hang Seng Bank today (2 March 2009) announced that Raymond Or, 59, will retire from his position as Vice-Chairman and Chief Executive of the Bank with effect from the conclusion of the Annual General Meeting on 6 May 2009.

Or, who assumed his present post in May 2005, will retire after 37 years of service with the HSBC Group. His position will be taken up by Margaret Leung, 56, currently Group General Manager and Global Co-Head Commercial Banking for the HSBC Group, on 6 May 2009. Leung will be appointed a non-executive Director of the Bank with effect from 1 April 2009.

Since joining HSBC in 1978, Leung has held a variety of managerial positions in different areas, including retail banking, corporate and investment banking, commercial banking, and credit and risk management.

“We would like to thank Or for his outstanding contributions,” says Raymond Ch’ien, chairman of the Hang Seng Board of Directors. “His strong leadership has been instrumental in enhancing Hang Seng’s status as a world-class bank. We also owe him our gratitude for strengthening the Bank’s position in the industry in terms of customer service, branding and corporate responsibility. We wish him all the best for his retirement. We also wish to welcome Leung, who will benefit Hang Seng with her broad range of valuable banking experience and great leadership skills.”

The Board also announced that independent non-executive Directors Cheng Yu Tung, 83, and David Wai Kin Sin, 79, have stated that they will step down from the Hang Seng Board following the AGM in May to devote more time to their own businesses. The Board thanks them for their valuable counsel, which has helped support the long-term success of the Bank.

D.C.

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