Hong Kong magnate David Li Kwok-po is moving to hand over power at Bank of East Asia Ltd. (00023.HK).
The bank’s board has recommended that his two sons be named executive directors of the family-run lender, Apple Daily reported Monday, citing sources with knowledge of the matter.
The proposal has been sent to the Hong Kong Monetary Authority for approval before a formal announcement is made, probably in the next few months, the sources said.
In April 2009, Li’s two sons, Li Man-kiu, 41, and Li Man-bun, 40, were promoted to deputy chief executives at the bank, in charge of Hong Kong and international business respectively.
David Li declined to comment on the report, saying only that any appointment of directors must be decided by the board and approved by the regulator.
He also did not comment on what changes the board will make after his tenure of office ends at the end of March 2015. The sources said it is highly probable that his term will be extended.
In previous remarks to media, Li said his personal wish was to keep BEA as an independent bank, but any potential merger would depend on the offer price and the board’s decision.
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