StanChart names Ben Hung new HK chief
Benjamin Hung Pi-cheng, the head of consumer banking at Standard Chartered Bank (Hong Kong), will succeed Peter Sullivan as chief executive of the bank's operations in the city when the latter retires at the end of the year.
Mr Hung, 43, will be the second ethnic Chinese to take up the position, underscoring the growing importance of the mainland market to the emerging market-focused bank.
'It will be more favourable for the lender to promote local talent, since they have international management experience in both Hong Kong and China markets,' said Timothy Li, a research analyst at Dao Heng Securities.
Along with overseeing the bank's local operations, Mr Hung will also advise on the group's growing mainland presence, which is managed by Katherine Tsang King-suen, a sister of Chief Executive Donald Tsang Yam-kuen, according to a source at the bank.
Mr Hung yesterday played down the symbolism surrounding his promotion, saying: 'Market turnover is so active. It's just a normal senior appointment.'
Mr Hung, who joined the bank 15 years ago, took up his current posting in 2005, after spending a year as the lender's local chief operating officer. Before that, he was group head of investor relations at the bank's head office in London.
'Hong Kong consumer banking operations under Ben's leadership achieved record high profits in the first half of this year and have successfully expanded its franchise,' the bank said yesterday in a statement announcing Mr Hung's new appointment.
First-half income for the unit rose 8 per cent to US$283 million.
Overall first-half net profit for the London-based bank increased 26 per cent to US$1.37 billion as gains in consumer and wholesale banking in Hong Kong and other markets helped offset rising expenses.
Revenue from the group's China business more than doubled in the first half over the previous year to about US$300 million.
The group plans to expand its headcount on the mainland by more than 1,000 this year, bringing the number of staff in the country to 3,500 by the end of the year.
Mr Sullivan, 59, will officially retire on December 31 after 13 years at the bank. He was appointed as executive director and chief executive of local operations in 2004, replacing Peter Wong Tung-shun, who left amid speculation that he was unhappy about lay-offs in Hong Kong.
Mr Sullivan, a former Australian international rugby player, is chairman of the Hong Kong Association of Banks and a member of the Exchange Fund Advisory Committee, posts he will give up on retirement.
He is also chairman of the British Chamber of Commerce.
The announcement about the changes comes a month after the bank appointed Jaspal Singh Bindra director for Asia, replacing Kai Nargolwala, who was poached by Credit Suisse to head its Asia-Pacific unit.
