Hang Seng Bank : Announces New Chairman of the Board (4 Jan 2021)

4 January 2021

Hang Seng Bank Announces New Chairman of the Board

Hang Seng Bank announces that after 13 years of distinguished service, Dr Raymond K F Ch'ien will retire as the Chairman of the Board and a Director of the Bank with effect from the conclusion of the Bank's Annual General Meeting to be held in the second quarter of 2021 ('2021 AGM') to devote more time to his other commitments and interests. Dr Ch'ien will also cease to be the Chairman of the Nomination Committee and a member of the Remuneration Committee of the Bank after the 2021 AGM.

Ms Irene Y L Lee, who joined the Board in May 2014 and currently an Independent Non-executive Director of the Bank, will succeed Dr Ch'ien as the Chairman of the Board and Nomination Committee with effect from the conclusion of the Bank's 2021 AGM. More information about Ms Lee's appointment can be found in the attached regulatory notice.

The Board would like to thank Dr Ch'ien for his outstanding contributions, wise counsel, dynamic and outstanding leadership and his tireless dedication since his appointment in 2007, helping to steer the Bank forward in an ever-changing and challenging economic and operating environment, including the global financial crisis in 2008 and the current COVID-19 pandemic. The Board wishes Dr Ch'ien every happiness, good health and success for the future.

Dr Ch'ien said: "I am extremely proud of what the Bank has accomplished over the last 13 years. We have made great strides in continuing to stay ahead of the curve in our business offerings to meet customers' changing needs and lifestyle, particularly in today's digital world and always delivering best-in-class services. Despite the uncertainties of today's economic environment, our operations have shown great resilience and adaptability. I am confident that we will continue to build on our success in Hong Kong and in the Greater Bay Area as the economy recovers.

"I wish to take this opportunity to offer our hearty congratulations to Irene. Having worked with Irene for many years, I have no doubt her depth of experience in the industry and far-sighted vision will help lead Hang Seng to its next level of success.

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"Irene will be making history as the Bank's first woman Chairman. Together with its Vice-Chairman and Chief Executive Louisa Cheang, Hang Seng will be trail-blazing by having two of Hong Kong's most talented female leaders steering the Bank forward, an exciting milestone for the Bank's 88th anniversary this year. Having Irene and Louisa at the helm will provide further inspiration or promotion of diversity in Hong Kong's corporate leadership."

Ms Lee commented: "I am deeply honoured by the Board's decision to appoint me as their next Chairman. Raymond has made invaluable contributions to the Bank's sustainable growth, both in Hong Kong and on the Mainland. Under his leadership, Hang Seng has maintained a solid financial foundation, a strong capital position and a large customer base. I wish him all the best when he embarks on his new endeavours in life.

"I am excited to take up the role of Chairman at a time when the digital era is bringing major shifts in the banking industry with services becoming more integrated into customers' daily lives. Hang Seng is a homegrown brand with a unique Hong Kong franchise. Its long history of commitment to the Hong Kong community will never change. In the shorter term, we will do our part to support Hong Kong in putting its economy back on the road to recovery.

"Hang Seng has a strong Board of Directors and a talented management team led by Louisa, both here in Hong Kong and on the Mainland. I look forward to working closely with them to build on our deep rooted foundation, bringing ever more relevant and innovative services to our customers and delivering sustainable and strong performances for our stakeholders and shareholders."

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About Hang Seng Bank

Founded in 1933, Hang Seng Bank is celebrating its 88th anniversary this year. It operates over 290 service outlets serving both personal and business customers. The Bank also maintains branches in Macau and Singapore, and a representative office in Taipei.

Established in May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited is headquartered in Pudong, Shanghai, and operates a mainland China network with outlets in more than 10 major cities, including Beijing, Guangzhou, Shenzhen and Tianjin.

With total assets of HK$1,732 billion as at 30 June 2020, Hang Seng Bank reported a profit attributable to shareholders of HK$9,143 million for the first half of 2020. Hang Seng Bank is a principal member of the HSBC Group, one of the world's largest banking and financial services organisations. For further information on Hang Seng Bank, please visit the Bank's website at www.hangseng.com.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Stock code: 11)

Changes to Board Composition

The Board of Directors (the "Board") of Hang Seng Bank Limited (the "Bank") announces the following prospective changes to the Board composition of the Bank.

Retirement of Dr Raymond K F Ch'ien

Dr Raymond K F Ch'ien will retire as Director of the Bank and will cease to be the Chairman of the Board and Nomination Committee, and a Remuneration Committee member of the Bank, all with effect from the conclusion of the Bank's Annual General Meeting to be held in Q2 2021 ("2021 AGM"), in order to devote more time to his other commitments and areas of interest.

Dr Ch'ien has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his retirement that needs to be brought to the attention of the shareholders of the Bank.

The Board would like to thank Dr Ch'ien for his outstanding contributions, wise counsel, his dynamic and outstanding leadership and his tireless dedication since his appointment in 2007 that have helped to steer the Bank during these ever-changing and challenging economic and operating environments, including the global financial crisis in 2008 and the COVID-19 pandemic since early 2020. The Board wishes Dr Ch'ien every happiness, good health and success for the future.

Appointment of Ms Irene Y L Lee as Chairman of the Board

The Board has resolved to appoint Ms Irene Y L Lee, currently an Independent Non-executive Director of the Bank, to succeed Dr Ch'ien as the Chairman of the Board and Nomination Committee, and a Remuneration Committee member of the Bank, all with effect from the conclusion of the Bank's 2021 AGM. Simultaneously, she will be re-designated as a member of the Risk Committee and remain a member of the Audit Committee. In addition, she has been appointed as a member of the Nomination Committee with effect from 28 December 2020 until the Bank's 2021 AGM when she will be re-designated as the Chairman of the Nomination Committee.

According to the Articles of Association of the Bank, Ms Lee's current term of appointment as the Bank's Director will cease after the conclusion of the Bank's 2021 AGM. Upon that time and subject to her re-election by the shareholders, her term of appointment as a Director of the Bank shall then be for three years, which will expire at the conclusion of the Bank's AGM in 2024.

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Particulars of Ms Irene Y L Lee are set out in the note below.

Save as disclosed herein, Ms Irene Y L Lee does not currently hold any other position with the Bank or its subsidiaries. Save that she is also Independent Non-executive Director of The Hongkong and Shanghai Banking Corporation Limited, and HSBC Holdings plc, being immediate and ultimate holding companies of the Bank respectively, she has no relationship with any Directors, senior management or substantial or controlling shareholders of the Bank. She does not have any interests in the shares of the Bank within the meaning of Part XV of the Securities and Futures Ordinance. There is no other matter in relation to her appointment which needs to be brought to the attention of the shareholders of the Bank, and there is no information which needs to be disclosed pursuant to any of the requirements set out in paragraphs 13.51(2)(h) to (v) of the Listing Rules.

Ms Irene Y L Lee will receive the Chairman's fee in the amount approved from time to time by shareholders at AGMs of the Bank, currently being HK$860,000 per annum. Further, she will receive committee chairman and member fees as approved by the Board from time to time. No service contract has been signed between the Bank and Ms Irene Y L Lee.

As at the date hereof, the Board of Directors of the Bank comprises Raymond K F Ch'ien* (Chairman), Louisa Cheang (Vice-Chairman and Chief Executive), John C C Chan*, L Y Chiang*, Kathleen C H Gan#, Margaret W H Kwan, Irene Y L Lee*, Eric K C Li*, Vincent H S Lo#, Kenneth S Y Ng#, Peter T S Wong# and Michael W K Wu*.

• Non-executiveDirectors

• Independent Non-executive Directors

The Board of Directors of Hang Seng Bank Limited

Hong Kong, 4 January 2021

Note:

Ms Irene LEE Yun Lien

Independent Non-executive Director

Aged67

Joined the Boardsince May 2014

Other positions held within Hang Seng Group

• Hang Seng Bank Limited - Chairman of Risk Committee; Member of Audit Committee; Member of Nomination Committee
  Other major appointments
  Hong Kong Monetary Authority - Member of The Exchange Fund Advisory Committee
• Hysan Development Company Limited -

Executive Chairman; Chairman of Nomination Committee

• HSBC Holdings plc -

Independent Non-executive Director; Member of Chairman's Committee; Member of Group Remuneration Committee; Member of Nomination & Corporate Governance Committee

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The Hongkong and Shanghai Banking Corporation Limited - Independent Non-executiveDirector; Chairman of Remuneration Committee; Member of Audit Committee; Member of Risk Committee

30% Club HK - Chairman

Past major appointments

• Cathay Pacific Airways Limited -

Independent Non-executive Director (2010 - 2019)

Chairman of Audit Committee (2015 - 2019)

Chairman of Remuneration Committee (2012 - 2019)

• CLP Holdings Limited -

Independent Non-executive Director; Member of Audit Committee; Member of Finance and General Committee (2012 - 2018)

Member of Sustainability Committee (2014 - 2018)

• Noble Group Limited -

Independent Non-executive Director; Member of Audit Committee; Member of Investment and Capital Markets Committee (2012 - 2017)

Member of Nominating Committee (2013 - 2017) Member of Risk Committee (2014 - 2017)

JP Morgan Australia - Member of Advisory Council (2005 - 2013)

• QBE Insurance Group Limited - Non-executive Director (2002 - 2013)
• Keybridge Capital Limited -

Non-executive Chairman (2009 - 2012)

Executive Chairman (2006 - 2009)

The Myer Family Company Pty Limited - Non-executive Director (2009 - 2011) ING Bank (Australia) Limited - Non-executive Director (2005 - 2011) Australian Government Takeovers Panel - Member (2001 - 2010)

Sealcorp Holdings Limited - Chief Executive Officer (1998 - 1999)

• Commonwealth Bank of Australia - Head of Corporate Finance (1993 - 1998) Citicorp Investment Bank Limited in New York, London and Sydney -
  Executive Director (1977 - 1987)

Qualifications

Bachelor of Arts Degree - Smith College, USA

Barrister-at-Law in England and Wales

Member - The Honourable Society of Gray's Inn, UK

• The securities of these companies are listed on a securities market in Hong Kong or overseas.
  恒生銀行有限公司
  Hang Seng Bank Limited
  Incorporated in Hong Kong with limited liability
  Registered Office and Head Office: 83 Des Voeux Road Central, Hong Kong

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