Hang Seng Replaces Ailing Chief

Major local lender Hang Seng Bank has named a new chief executive to replace Louisa Cheang, who will extend her leave of absence over medical reasons.

Diana Cesar has been appointed chief executive at Hang Seng, according to a statement, effective September 1.

Cesar joins from HSBC – Hang Seng’s top shareholder and parent – where she is currently its Hong Kong CEO. She first joined HSBC in 1999 and has since held various senior roles before she was named Hong Kong CEO in 2015.

Cesar is the right person to build on Cheang’s record and take Hang Seng to the next level, said HSBC’s APAC co-CEO David Liao in a statement. Hong Kong has a bright future, and under Diana’s direction, Hang Seng will be there to help our customers make the most of new opportunities.

Cesar replaces Louisa Cheang Wai-wan who was in the midst of a three-month medical break announced in May.

Cheang was made CEO at Hang Seng in 2017, also joining from parent group HSBC where she held senior roles like group general manager and group head of retail banking. She first joined HSBC in its credit card department in 1999.

At HSBC, Hong Kong chief operating officer Luanne Lim – who also first joined the British lender in 1999 – will step in to serve as interim Hong Kong CEO until a successor is appointed.

Liao will become a non-executive director of Hang Seng Bank, effective September 1, replacing Peter Wong who retired from his role as APAC CEO and has become a non-executive chairman at HSBC.