Oct. 10 (Bloomberg) -- Standard Chartered Plc, the U.K. bank that gets most of its profit from Asia, replaced the heads of its South Korean and Hong Kong units.
The company, based in London, appointed Ben Hung to succeed Peter Sullivan, who's retiring effective Dec. 31, as head of its Hong Kong operations. David Edwards was named to lead the Korean unit, replacing John Filmeridis, according to a regulatory filing.
Hung, 43, has been with the bank for 15 years and led the Hong Kong consumer banking division to record net income in the first half, said Standard Chartered Chief Executive Officer Peter Sands in a memo sent to employees. Sullivan, 59, said he's moving to London to be with his children.
``I hope to stay connected to Hong Kong,'' he said in an interview. Sullivan said he might take an advisory role at a bank, adding that ``it would depend on which bank. My loyalty is first and foremost with Standard Chartered.''
Sullivan, an Australian, was appointed chief executive officer of Standard Chartered Bank (Hong Kong) Ltd. in November 2004. He joined Standard Chartered from Citigroup Inc. 13 years ago.
Separately, Standard Chartered said the board of Korean unit SC First Bank Korea Ltd. approved the appointment of Edwards, 54. Edwards was previously chief operating officer for wholesale banking.
