Hang Seng Bank simultaneously announced that Alexander (Sandy) Flockhart, the chief executive officer of HSBC, will be appointed to the board of Hang Seng Bank in a non-executive capacity.
ChÆien is a highly respected member of the Hong Kong business community and has been on the board of HSBC as an independent director since 1998. Other high-level positions he currently holds include the chairman of Hong Kong-listed MTR Corporation, Nasdaq-listed CDC Corporation and its Hong Kong-listed subsidiary, China.com. He is also the chairman of HSBC Private Equity (Asia) and of a string of listed companies in Hong Kong.
Flockhart is the group managing director of HSBC Holdings, global head of commercial banking of HSBC group and a director of HSBC Bank Australia. Flockhart was earlier president and group managing director of the bank in Latin America and the Caribbean.
At the end of June, Hang Seng Bank is managing consolidated assets of HK$741.3 billion ($94.7 billion). The bank recorded a net profit of HK$8.87 billion for the first half of 2007 and HK$12.04 billion in 2006. It has 150 branches in Hong Kong and has very quickly established a mainland China presence of 18 branches across main cities in China.