BEA Chief Steps Down After 50 Years of Service
The chief executive of the century-old bank is handing over its reins to his two sons.
David Li Kwok-po is stepping down as chief executive at Bank of East Asia (BEA), effective from July 1. His two sons Adrian David Li Man-kiu and Brian David Li Man-bun will take over as co-chief executives while he remains executive chairman, the bank said in a media statement on Thursday.
«I have worked half a century, and am now 80 years old. The future strategy of the bank will be in the hands of the younger generation,» said the elder Li, who was quoted in the «South China Morning Post». The elderly Lee is the third-generation scion of the family that founded Hong Kong’s very first Chinese-owned bank.
Change of Guard, Change of Times
In a city with 160 licensed banks, the elderly Li is stepping back to ensure the smooth transition of his banking empire, which spans more than 200 global branches and representative offices with 10,000 staff.
The handover comes at a time when the territory's banking landscape is undergoing tremendous change, with the Hong Kong Monetary Authority (HKMA) recently handing out eight virtual banking licenses. The announcement also coincides with the 22nd anniversary of Hong Kong’s return to China’s rule.
