Chan was the bank's chief financial officer from 1998 to 2009 before joining Sun Hung Kai Properties as CFO, a role he held until 2015. This year, he rejoined Hang Seng and will now serve a three-year term as director of the bank.

In line with the policy of the bank's parent, HSBC Group, no director’s fees are payable to Chan as an executive director. However, being the bank’s head of Greater China, he will be entitled to a salary of HKD7.75 million (around $996,800), together with a discretionary bonus.

"The directors of the bank would like to welcome Mr Chan to the board and look forward to working closely with him," the bank said in a statement.