Anita Fung Yuen-mei, HSBC Holdings Plc (00005.HK) chief executive for Hong Kong, has resigned for “personal development reasons” amid a management reorganization in the bank, the Hong Kong Economic Journal reported Friday.
Fung is leaving all her positions in the bank, including deputy chairman for China and head of global banking and markets for Asia Pacific, effective mid-February, a move that has caught many in the industry by surprise, the newspaper said.
Helen Wong Pik-kuen, president and chief executive of HSBC Bank (China) Co. Ltd., will take over as chief executive for Greater China, overseeing all businesses in the mainland, Hong Kong and Taiwan.
The integrated role is created to better coordinate the bank’s strategies in the region and connections to the rest of the world, according to the bank.
Wong’s new appointment is meant to pave the way for her to succeed Peter Wong Tung-chun as deputy chairman and chief executive for Asia Pacific, the newspaper said.
Peter Wong is expected to leave the bank by the end of this year after two extensions, or four years beyond the designated retirement age of 60.
Fung, who joined the bank in 1996, will pursue “opportunities outside the group”, Bloomberg News reported, citing an internal HSBC memo.
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