Younger brother takes reins after 50 years in waiting
If investment is all about long time horizons, Chong Hing Bank couldn't be in safer hands.
The bank's new chairman, Liu Lit-mo, is probably the most patient banker in town, waiting as he has for more than 50 years for the top job at the family-controlled bank.
Liu, who made it to the board of directors in 1958 when he turned 20, formally became chairman yesterday, succeeding elder brother Liu Lit-man, who retired at 79.
The bank's announcement said Liu Lit-man retired because of 'age and health'. The elder Liu, who had been chairman since 2002 and a director for 54 years, will stay on as the bank's honorary chairman.
Coming back to Liu Lit-mo, as deputy chairman he made a humble HK$602,000 last year. The promotion means a raise of HK$120,000. His elder brother was making HK$5.9 million. But Liu Lit-mo is more than making up for that shortfall at the bank's parent, Liu Chong Hing Investment, where he was paid HK$11.81 million last year as managing director.
