Hong Kong's family-owned banks struggle with succession as top executives age
Bank of East Asia, Wing Hang Bank among local lenders struggling with leadership transitions
Succession plans at family-owned banks in the city remain uncertain with top executives at Bank of East Asia and Wing Hang Bank already older than 65 years of age.
Human resources experts say that while white-haired bankers might have deep social networks as personal capital, they might be physically weak.
Preparations need to be made before seasoned bankers can step down from a business, especially a family-owned one, they say.
"The choices for the next boss of a family-owned business are always limited, as he must be a family member who is willing to take over control," said Alexa Chow Yee-ping, managing director of Centaline Human Resources Consultants.
Kevin Au Yuk-fai, director of the centre for family business at Chinese University, said: "It takes at least 10 to 15 years for the transition of leadership in a family business."
In contrast with other family-owned businesses, the banking industry is highly regulated, making succession planning more difficult.
