HONG KONG (AFP) - Standard Chartered, the British-based emerging markets bank, annnouced senior management changes with the resignation of the head of its Chinese operations.
The move follows the bank's decision last week to axe 200 employees from its consumer banking operations in Hong Kong, equal to five percent of its total workforce in the territory.
Peter Wong will step down as chief executive of the Greater China business and be replaced by Peter Sullivan, currently deputy chief executive officer for Hong Kong, said the bank's chief executive, Mervyn Davies.
Davies did not give any reason for Wong's departure and stressed that the Hong Kong business will remain a core part of the bank and that it is committed to growing its operations in the whole of China.
"The industry continues to evolve in Hong Kong and we are making significant investments in response to the changing market conditions," Davies said in a statement.
Wong, also the chairman of Hong Kong Association of Banks, joined Standard Chartered in 1997 as the head of consumer banking and became CEO three years later.
11/15/2004 - 11:25 GMT - AFP