Vincent Cheng takes office as head of HSBC Bank

Vincent H.C. Cheng, the first Chinese chairman of HSBC Bank, took office Wednesday.

Vincent Cheng, who has been vice chairman and chief executive of Hang Seng Bank since 1998, succeeded the position of David Eldon, who retired Tuesday on the bank's annual meeting.

Cheng, 56, retired as chairman of Hang Seng Bank in April and Raymond Or, 55, former general manager of HSBC Bank, succeeded Cheng as vice-chairman and chief executive of Hang Seng Bank.

HSBC Bank and Hang Seng Bank, both under the global banking giant HSBC group, are the two leading banks in Hong Kong.

Source: Xinhua