Bank of Communications announced last Friday that Dicky Peter Yip, former Chinese business president with the Hongkong and Shanghai Banking Corporation Limited, would become the deputy director of the bank, reported the International Finance News.

According to the news released by Bank of Communications, recommended by the Hongkong and Shanghai Banking Corporation Limited the board of directors with Bank of Communications Ltd agreed to appoint Dicky Peter Yip, former Chinese business president with the Hongkong and Shanghai Banking Corporation Limited, the post of deputy director of the bank on April 5, 2005. According to the related regulations, the motion will be finalized with the approval of China Banking Regulatory Commission. The qualification examination is under way.

According to the strategic cooperative agreement signed by Bank of Communications and the Hongkong and Shanghai Banking Corporation Limited (HSBC) last August, the latter can recommend a senior person to take a high-level administrative post in Bank of Communications. Both sides have agreed unanimously that the appointment of Dicky Peter Yip as the deputy director of Bank of Communications will further enhance the strategic partnership between the two banks and in the meantime will bring along the advanced managerial experiences of leading international banking institutions to the bank.

Interviewed by a reporter with the International Finance News on April 22, Dicky Peter Yip said that at present both sides have made smooth progress in cooperation. The appointment of Dicky Peter Yip as deputy director with the bank is part of the strategic cooperative agreement inked between the two banks. He said at the same time that the administration of HSBC Group has given strong support to China's business and China is the long-term investment market of strategy for HSBC Group. The HSBC Group has made a long-term investment in the areas of talents, network and banking system and adopted balanced tactics: namely it will make profits under the present market environment and get ready for its long-run development.

By People's Daily Online