Following its purchase of a 20% strategic stake in Bank of Communications last August, HSBC has seconded a second official to work at the bank. It will be sending Dicky Yip, currently the CEO of its China business to Bocom Shanghai where he will be a vice president.
His move follows an announcement last November that HSBC's Ron Logan would become CEO of the two banks' jointly-operated credit card unit known as Pacific Credit Card Centre.
According to HSBC, Yip's secondment will strengthen the strategic partnership between itself and the Bocom. His appointment is currently being verified by the China Banking Regulatory Commission, having already won approval by the Bocom's board on April 5.
Yip's appointment with Bank of Communications coincided with the announcement that he would also take on the post of general manager for HSBC.
In the meantime, HSBC's deputy chief executive China business, Richard Yorke, will become chief executive pending further notice.