StanChart rings changes as HK CEO retires

Greater China and North Asia retail banking chief Mary Huen takes over from May Tan, who is retiring. The bank's Taiwan CEO will also step up to a regional markets role.

Standard Chartered is making a series of senior appointments in its Greater China and North Asia team as its Hong Kong chief executive officer retires.

Mary Huen, a 25-year StanChart veteran, will take over from Hong Kong CEO May Tan, the bank said in a press release on Wednesday. The changes take effect on March 1, and all the staff affected are based in Hong Kong.

Huen had been head of the retail business for Greater China and North Asia since 2015. She reports to Benjamin Hung, regional CEO.

Hung expressed confidence Huen would "take our Hong Kong business to new heights".

Tan is retiring after a 32-year career in financial services, the bank said. She had served as Hong Kong CEO since 2014, having joined StanChart when it bought equities house Cazenove, where she was CEO, in 2008.

"May is a very well-respected business leader," Hung said. "Under her leadership, Standard Chartered Hong Kong has delivered resilient performance amidst a challenging market environment."

Meanwhile John Tan becomes regional head of financial markets for Greater China and North Asia and head of financial markets, Hong Kong. He had been CEO of StanChart's Taiwan operation since 2014 having joined the bank in 2007.

Samir Subberwal, head of retail banking in Hong Kong, takes over from Huen as regional head. Vicky Kong, regional head of wealth management, takes over from Subberwal.

The changes come after difficult years for StanChart in Hong Kong.

StanChart abandoned its loss-making global equities businesses in January 2015, in an abrupt end to a bold and expensive five-year expansion that struggled to make headway in competitive Asian markets. The UK-based emerging markets bank closed its global institutional cash equities, equity research and equity capital markets businesses.

In November, it acknowledged it was under investigation by Hong Kong's securities regulator over a 2009 IPO – one of several banks in the watchdog's crosshairs.

¬ Haymarket Media Limited. All rights reserved.
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