Hong Kong tycoon Li Ka-shing established a scholarship with a donation of 5 million HK dollars (about 640,000 U.S. dollars) as a memorial tribute to former HSBC chairman Lord Michael Sandberg, the Li Ka Shing Foundation (LKSF) said here on Monday.
"The Li Ka Shing Foundation Lord Sandberg Memorial Scholarship" will be distributed over 10 years to provide assistance to outstanding students from Hong Kong seeking to pursue undergraduate studies in Britain, according to the LKSF.
Lord Sandberg passed away on July 2, 2017 at the age of 90.
Speaking of Lord Sandberg, Li said he was a true friend of Hong Kong and through his long and illustrious career, including his tenure at HSBC, he was instrumental in making Hong Kong a thriving financial center it is today.
Established in 1980, the LKSF has invested over 20 billion HK dollars to work on education, medical services and research initiatives globally.