DAH SING BANKING GROUP LIMITED 
By 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.
(Incorporated in Hong Kong with limited liability under the Companies Ordinance) The holding company of Dah Sing Bank, Limited and MEVAS Bank Limited (Stock code: 2356)
CHANGES OF THE BOARD AND MEMBERS OF THE AUDIT COMMITTEE
The Board of the Company announces that with effect from 1
April 2012, (1) Mr. Lon Dounn resigned from the Board, and
(2) Mr. Yuen-Tin Ng was appointed as an Independent
Non-Executive Director and a member of the Audit Committee of
the Company.
The Board of Directors (the "Board") of Dah Sing Banking
Group Limited (the "Company") announces the following changes
in the members of the Board and applicable committee with
effect from 1 April
2012:
Mr. Lon Dounn resigned as an Independent Non-Executive
Director of the Company due to his appointment as an
Independent Non-Executive Director of Dah Sing Financial
Holdings Limited, the holding company of the Company, with
effect from 1 April 2012. Following his resignation from the
Board of the Company, Mr. Dounn also ceased to be a member of
the Audit Committee of the Company.
Mr. Dounn has confirmed to the Company that he has no
disagreement with the Board and that he is not aware of any
matter relating to his resignation that needs to be brought
to the attention of the shareholders of the Company.
Mr. Yuen-Tin Ng was appointed as an Independent Non-Executive
Director and a member of the Audit Committee of the
Company.
Mr. Ng, aged 60, is a seasoned and retired banker with nearly
40 years of extensive experience in banking and financial
industry. Mr. Ng had worked with Hang Seng Bank Limited
("HSB") since 1971, and had served and managed various
functions in HSB with a focus on the corporate and
institutional banking business management in the last 12
years prior to his retirement in 2011. During his employment
with HSB, he also held a directorship in certain subsidiaries
of HSB, including Hang Seng Finance Limited, Hang Seng
Indexes Company Limited, HSI International Limited and Hang
Seng Bullion Company Limited. Currently, Mr. Ng is also an
independent non-executive director of Chinney Alliance Group
Limited, a public company listed in Hong Kong.
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Mr. Ng holds an associateship of The Chartered Institute of
Bankers (UK), and a fellowship of, and is currently an
honorary advisor to, The Hong Kong Institute of Bankers.
Mr. Ng has not entered into any service contract with the
Company and is not appointed for a specific term, but his
appointment as an Independent Non-Executive Director shall be
for an initial term up to the conclusion of the next annual
general meeting of the Company in 2012, and at which he shall
retire in accordance with the Company's Articles of
Association but, being eligible, may offer himself for
re-election. The director's fee payable to Mr. Ng as an
Independent Non-Executive Director will be HK$250,000 per
annum, which was determined with reference to the levels of
director fees paid by peer institutions in banking and
financial related businesses as well as the time expected of
him in carrying out duties and responsibilities for the
Group. The director's fee is subject to review by the Board
and/or the Nomination and Remuneration Committee of the
Company from time to time.
Save as disclosed above, Mr. Ng has not been a director in
any other publicly listed company in Hong Kong or overseas in
the past three years. Mr. Ng does not have any relationship
with any directors, senior management, or substantial or
controlling shareholders (as defined in the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the "Listing Rules")) of the Company, nor does he
hold any interests in the shares of the Company or its
associated corporation within the meaning of Part XV of the
Securities and Futures Ordinance.
Save as disclosed above, there are no other matters that need
to be brought to the attention of the shareholders of the
Company, nor any other information to be disclosed pursuant
to any of the requirements under Rule 13.51(2) of the Listing
Rules, relating to Mr. Ng's appointment.
The Board extends a warm welcome to Mr. Ng in joining the
Board, and expresses its sincere appreciation to Mr. Dounn
for his valuable efforts and contributions to the Board's
deliberation during his tenure of service with the
Company.
By Order of the Board
H.L. Soo
Company Secretary
Hong Kong, 2 April 2012
As at the date of this announcement, the Board of the Company comprises Messrs. David Shou-Yeh Wong (Chairman), Hon-Hing Wong (Derek Wong) (Vice Chairman), Harold Tsu-Hing Wong (Managing Director and Chief Executive), Gary Pak-Ling Wang and Lung-Man Chiu (John Chiu) as Executive Directors; Mr. Kazutake Kobayashi as Non-Executive Director; Messrs. Robert Tsai-To Sze, Andrew Kwan-Yuen Leung, Seng-Lee
Chan and Yuen-Tin Ng as Independent Non-Executive Directors.
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| This press release was issued by Dah Sing Banking Group Limited and was initially posted at http://www.dahsing.com/en/pdf/aboutus/e_2356_ann_Changes_of_Board_20120401.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-02 23:06:08 PM. The issuer is solely responsible for the accuracy of the information contained therein. |
