Margaret Leung to replace Or as Hang Seng CEO

Leung, who is 56, joined HSBC in 1978. She moved to Australia to help set up Hongkong Bank of Australia (now HSBC Bank Australia) in 1985. She returned to Hong Kong in 1988, and has held a variety of managerial positions in different areas of the bank, including credit and risk management, retail banking, international corporate accounts, corporate and investment banking, and commercial banking. She was appointed group general manager in 2005 and is responsible for the group's relationship with all middle market corporates and small and medium-sized enterprises in Asia-Pacific and the Middle East.

Leung is also a director of HSBC Global Asset Management (Hong Kong), Wells Fargo HSBC Trade Bank NA, and Swire Pacific.

Or plans to retire after the bank's next annual general meeting on May 6.