Chong Hing rises on new outside bank chief

Shares in family-controlled Chong Hing Bank advanced the most since July 2010 yesterday as the appointment of a chief executive from outside the family spurred buying on speculation that it would be sold.

Liu Lit-chi, 73, will step down as chief executive, a position he has held since April 2002.

The small local lender controlled by the Liu family, appointed Lau Wai-man as chief executive of the bank - the first time that the post has gone to someone from outside the family.

Shares rose 11 per cent to HK$15.2, on a day the Hang Seng Index inched up 0.99 per cent.

via Business feed http://www.scmp.com/business/banking-finance/article/1094223/chong-hing-rises-new-outside-bank-chief