HSBC chairman, David Eldon, will retire on May 24, 2005, after 37 years at the helm of the Hongkong and Shanghai Banking Corporation Limited, UK-based global bank.

 

The next chairman will be Vincent Cheng, 56, taking office on May 25, 2005 whi will become the first Chinese director in the history of HSBC’c Asian operations.

 

Peter Wong, 53, will become Executive Director, Hong Kong and Chinese mainland of the Hongkong and Shanghai Banking Corporation, starting April 1, 2005.

 

HSBC CEO Michael Smith will step in as chairman of Hang Seng Bank after Eldon retires. He said that the management shake-up was "routine management change" caused by Eldon’s retirement.

 

Mr Smith added that Mr Wong's appointment happens at the time when HSBC's "emphasis on building up our China presence is more critical than ever." He added, "It's a question of making sure the focus on China is directed at the right place at the right time."