【Local Bank Helm】Shanghai Commercial Bank appoints Zhang Yaotang as CEO, former Octopus CEO

Shanghai Commercial Bank announced on Monday (30th) that Independent Non-Executive Director Cheung Yiu-tong has been reassigned to Executive Director, and that it has appointed Cheung Yiu-tong as its Chief Executive Officer. The bank said earlier at the beginning of February this year that Wallace Lam had stepped down as its Chief Executive Officer.

Shangshang said Cheung Yiu-tong is a seasoned expert in the retail banking and payments business, with more than 40 years of extensive experience, including 25 years in senior management positions. He has held multiple leadership roles, including Chief Executive Officer of Octopus Holdings Limited and Octopus Cards Limited. Before joining the Octopus Group, Cheung Yiu-tong held senior management roles at Visa Hong Kong Limited, DBS Bank (Hong Kong), and Citibank (Hong Kong).

			▲ Cheung Yiu-tong previously served as CEO of Octopus Card Company.

Shanghai Commercial Bank Chairman Lee King-yim said that Cheung Yiu-tong has previously been serving as the bank’s Independent Non-Executive Director and Chair of the Digital Transformation and Sustainability Committee. He has insight into the bank’s strategic focus and is committed to promoting sustainable business growth, facilitating innovation, and creating long-term value.

Cheung Yiu-tong said that Shangshang has been rooted in Hong Kong for 75 years and has been providing personalized services to corporate clients, SMEs, and high-net-worth customers. He expects to work closely with the bank’s team to lead the bank to become a trustworthy, future-facing bank. While promoting innovation, he will uphold traditional Chinese cultural values, advance international trade, and create sustainable long-term value for customers, stakeholders, and the broader public.

Former helmsman Wallace Lam stepped down in February this year

In recent years, the “helmsman” of Shangshang has repeatedly been rumored to have personnel changes. At the end of June 2024, Guo Sik-chi, the then Vice Chairman, Executive Director, and Chief Executive Officer, who had served Shangshang for more than half a century, retired upon turning 71. The CEO position was taken over by Huang Bing-hua, Deputy General Manager of the Corporate Finance business unit at the parent company Taiwan Shanghai Commercial Savings Bank. After that, Huang Bing-hua was unable to take up the role due to family reasons. In July of the same year, Shangshang announced that it had appointed Ma Chi-man, a retired banker who would be turning 77, as Executive Director and CEO of Shangshang. At the time, it was reported that Ma Chi-man was acting as a “caretaker” role to help the board identify a new “helmsman” as soon as possible. In early January last year, the bank announced that Wallace Lam would take over as Shangshang’s CEO, while Ma Chi-man would continue as a director of Shangshang. However, Lam only held the helm for a year before stepping down. During the transition period, Zhong Meng-ting, Deputy Chief Executive Officer and Group Head of Corporate Banking, had assumed responsibility for the CEO’s duties.

In addition, local media reported on Monday that Huang Chao-wei, Group Head of Corporate Banking at Shangshang who took office in November last year, has recently started his leave before resignation. In other words, he will step down less than half a year after taking up the position.

		追揽开盘的多单并追沽单
	 




	Profit retreat for the first time in four years—can BYD’s “No. 1 in the auto arena” position be maintained? Will “Token’s first stock,” Fengsui, see a turnaround in performance?