The Board of Directors of Public Financial Holdings Limited announced that Mr. Tan Yoke Kong has tendered his resignation as the Executive Director and as Joint Secretaries of the Company with effect from 1 January 2024 due to retirement. With effect from 1 January 2024, Mr. Tan will also resign as the Executive Director and cease to be a member of the Board Executive Committee of Public Bank (Hong Kong) Limited, a principal subsidiary of the Company. As from the effective date of his resignation, Mr. Tan will not hold any position in the Group.

The Board announced that Mr. Chong Yam Kiang will be appointed as the Chief Executive of the Company with effect from 1 January 2024. Following his aforesaid appointment, Mr. Chong will be re-designated from Non-Executive Director to Executive Director of the Company with effect from 1 January 2024. Mr. Chong, aged 73, has 54 years of experience in the banking and finance industry.

He was appointed a Non-Executive Director of the Company in January 2009. Mr. Chong was re-designated from Executive Director to Non-Executive Director of Public Bank (Hong Kong), and appointed as the Executive Director and Chief Executive of Public Finance Limited, another principal subsidiary of the Company, on 1 January 2020. He resigned as the Chief Executive of Public Finance on 1 November 2023.

With effect from 1 January 2024, Mr. Chong will be appointed as the Chief Executive and re-designated to Executive Director of Public Bank (Hong Kong), and also be re-designated to Non-Executive Director of Public Finance. He will continue to be a member of the Board Executive Committees of Public Bank (Hong Kong) and Public Finance, and also a director of certain subsidiaries of the Company. The Board is pleased to further announce that Mr. Lee Huat Oon will be appointed as a Non-Executive Director of the Company with effect from 1 January 2024.

Mr. Lee, aged 61, holds a degree in Accounting from the University of Malaya. He was appointed as the Chief Executive of Public Finance with effect from 1 November 2023, and will be appointed as the Executive Director and a member of the Board Executive Committee of Public Finance with effect from 1 January 2024. Mr. Lee has 32 years of experience in the banking and finance industry.

He was appointed an Executive Director of the Company in June 1996, re-designated as a Non-Executive Director in November 2013, and re-designated as an Executive Director from December 2013 until his retirement on 1 January 2020. He had served as the Acting Chairman of The DTC Association, a member of the Deposit-taking Companies Advisory Committee of the HKMA, a director of The Hong Kong Mortgage Corporation Limited and a member of the Banking and Finance Training Board of Vocational Training Council in Hong Kong for several years. The Board further announces that Ms. Cheah Kim Ling has tendered her resignation as a Non-Executive Director of the Company with effect from 1 January 2024 due to other engagement.

With effect from 1 January 2024, Ms. Cheah will also resign as a Non-Executive Director of Public Bank (Hong Kong) and Public Finance and cease to be a member of the Bank Culture and Sustainability Committee in these two subsidiaries. As from the effective date of her resignation, Ms. Cheah will not hold any position in the Group.