Peter Wong Tung Shun has been promoted to CEO of Standard Chartered in Hong Kong. Wong - previously head of Hong Kong consumer banking at the bank - will take over the position from Mervyn Davies, whose role of group executive director for North Asia encompassed the Hong Kong CEO role.

Davies will keep his position of group executive director for North Asia while Wong will have responsibility for all the bank's Hong Kong operations, comprising treasury, corporate, institutional and consumer banking. He will continue to report to Davies.

Wong's new role comes as Mervyn Davies is concentrating his efforts on loftier aspects of the banking business than day to day management of the Hong Kong operations - he is responsible for Standard Chartered's global technology developments. He is also reputedly writing a book on e-commerce which will be released this year.

Wong joined Standard Chartered in April 1997 from rival Citibank. He has been head of the bank's consumer business in Hong Kong since that time. His appointment is the first time in 140 years that a native born Hong Konger has run Standard Chartered's Hong Kong operations.