Renowned Hong Kong banker Vincent Cheng passed away at the age of 74 after an illustrious career that included many firsts as an ethnic Chinese.
Yesterday, it was confirmed that former HSBC banker Vincent Cheng Hoi-Chuen had passed away Sunday night at the age of 74.
Born into humble beginnings in Hong Kong, Cheng is best known for his rise in the banking industry while breaking grounds as the first ethnic Chinese to accomplish various feats at HSBC. In addition to banking and finance, his illustrious career also spans achievements in politics and education.
Born in 1948
Born in British Hong Kong in 1948, Cheng would start his life under the challenging condition of not only being raised in a poor family of six but also suffering from a polio-linked disability at a young age.
He would go on to graduate from the Chinese University of Hong Kong (CUHK) with an economics degree in 1973 before pursuing a master’s degree at the University of Auckland in New Zealand while simultaneously working as a part-time dishwasher at a restaurant.
After returning to Hong Kong in 1978, Cheng accepted a job offer to work at HSBC where his distinguished banking career would begin.
First Chinese Executive Director
After starting as an economist at HSBC in 1978, Cheng would rise in the ranks to become the chief economist of HSBC subsidiary Hang Seng in 1986 before being named its vice chairman and CEO in 1998.
In 2005, Cheng made history after becoming the first ethnic Chinese to be the chairman of HSBC’s Asia Pacific unit. He would go on to break more grounds as the first ethnic Chinese to be appointed in 2008 as a group executive director and board member at HSBC.
He was also the first Chinese to move into Taipan House – a property on the prestigious Peak neighborhood previously reserved for foreign bank chiefs.
Non-Banking Life
Cheng’s career would not be limited to banking, having served as a Hong Kong affairs advisor to China ahead of the 1997 handover. He also served as a member of Hong Kong’s Legislative and Executive Council throughout the 1990s before being made a delegate of the Chinese People’s Political Consultative Conference and a member of the Beijing municipal committee.
In addition to politics, he was also previously the council chairman of CUHK and served as a non-executive director or council member at various companies including local public transport company MTR Corporation.
Citywide Condolences
Following Cheng's death over the weekend, various elites in the city made statements about the loss.
«Dr Cheng was an esteemed banker. Over the years, he had been promoting the steady development of Hong Kong's banking industry, commanding high respect of the sector,» said Hong Kong chief executive John Lee in a statement.
«I have known Vincent for many years both as a colleague and friend. He had a broad knowledge of banking, political insight, and community services,» added HSBC APAC chairman Peter Wong Tung-shun. «His passing away is a loss to Hong Kong.»
Outside of banking and politics, others also extended their condolences including Victor Li Tzar-kuoi, CK Hutchison chairman and son of Li Ka-shing, and nightlife tycoon Allan Zeman.
