Chief Executive of Hong Kong’s ZA Bank, Ronald Iu, is reportedly planning to step down early next year, according to a report by HKEJ.

Sources indicate Iu may transition to a leadership role at another digital bank, Ping An OneConnect Bank (PAObank).

Iu, who has led ZA Bank since February 2023, previously served as its Chief Strategy Officer from February 2022 to February 2023.

Prior to that, he held senior leadership roles at Airstar Bank, including Chief Executive and Alternate Chief Executive.

ZA Bank was the first of Hong Kong’s eight virtual banks to achieve monthly profitability this year.

Nearly four years after its launch, the bank reported a 46% year-on-year increase in net revenue earlier this year, driven by steady growth and improved operational efficiency.

Meanwhile, PAObank is undergoing its own leadership changes.

Sources suggest Zhongan Yao Wensong has been appointed as the bank’s new Chief Executive, succeeding Michael Fei, who stepped down earlier this month.

Fei has since joined DBS Bank as Managing Director and Group Head for COO Technology.

Featured image credit: Edited from Freepik