Hang Seng Bank has lured industry heavyweight Andrew Fung Hau Chung from DBS to take over as deputy general manager and head of investments and insurance.

Fung, 48, has been managing director of advisory sales for China at DBS for the last four years, having spent the previous six years at the Commonwealth Bank of Australia, where he was head of financial markets for Asia.

According to a spokesman for Hang Seng, Fung has been appointed to accelerate the bankÆs sales strategy. He will oversee the bankÆs investment and insurance businesses, and will be responsible for management, sales and market strategy, as well as the development of new products and services.

He will report to the bankÆs general manager of personal financial services and wealth management, William Leung.

Fung takes the position over from Cheung Ka Min, who is believed to be leaving the company next week, after more than 10 years, to take up a position with an unnamed property developer in Hong Kong.