XN000022-1995-04-24 — Page 11

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HKMA appoints new Executive Director (Banking Supervision)

The Hong Kong Monetary Authority (HKMA) announced today (Monday) the appointment of Mr Yiu-kwan Choi as the new Executive Director (Banking Supervision) effective from May 1, 1995.

Mr Choi, aged 40, will bring to the new job abundant experience in banking supervision and banking policy.

He joined the former Office of the Commissioner of Banking in 1974 and in 1990 became an Assistant Commissioner of Banking shortly after he completed a secondment to the Bank of England.

In 1990 Mr Choi was seconded to the former Office of the Exchange Fund. After three years' experience in market intervention and monetary policy formulation, he rejoined the Office of the Commissioner of Banking to take charge of the Banking Policy Division. In that position, which he also filled after the establishment of the HKMA in April 1993, Mr Choi worked closely with the banking community and addressed a number of supervisory issues including the new liquidity supervisory regime, the loan classification system and the regulation of interest rate risk and market risks.

Mr Choi became Head of the Administration Division of the HKMA in early 1994, a job he has held until now.

"Mr Choi's wide experience in banking supervision and policy formulation and other aspects of the HKMA's work will be very valuable in continuing the important task of building up the supervisory capacity of the HKMA," the Chief Executive of the HKMA, Mr Joseph Yam, said.

Mr Choi replaces Mr Albert Cheok, who as previously announced is leaving the HKMA to pursue family business interests in Malaysia.

End/Monday, April 24, 1995