HONG KONG - The Hong Kong Monetary Authority (HKMA) has approved the appointment of Vincent Lee as an executive director, taking effect from Jan 1, 2013, it said here on Thursday. ?

Lee will take up the post of Director-General in Enforcement department, replacing Raymond Li, who will be seconded to the Hong Kong Mortgage Corporation Limited on the same day to succeed James Lau as chief executive officer. Lau will proceed on retirement at the end of this year.

Vincent Lee is currently a division head of Banking Supervision in HKMA. He joined the HKMA as assistant manager in 1994 and has worked in various positions in the Banking departments, covering banking policy and development, prudential supervision, and securities enforcement, and was promoted to his present rank of division head in 2006.

He also has experience in monetary policy and has served as the chief representative of the HKMA's New York office and London office.