Former top banker Vincent Cheng, who was the first Chinese to become the chairman of HSBC Asia Pacific, has died at the age of 74.

Cheng, who graduated from the Chinese University of Hong Kong with an economics degree in 1973, took up the top job in 2005.

He stepped down from the post in 2010, and retired a year later.

Chief Executive John Lee expressed sorrow over Cheng's passing and extended his deepest condolences to his family.

"Dr Cheng was an esteemed banker. Over the years, he had been promoting the steady development of Hong Kong's banking industry, commanding high respect of the sector," Lee said in a statement.

The Secretary for Financial Services and the Treasury, Christopher Hui, also praised Cheng for making valuable contributions to Hong Kong’s financial market, as well as the community.

The late banker had held various public positions, including memberships of the Legislative Council and the Executive Council, before the handover.

He also served as an adviser to the central government on Hong Kong affairs.

Cheng was awarded the Gold Bauhinia Star in 2005 by the SAR government for his distinguished service to the community.

He also served as the chairman of the CUHK Council from 2009 to 2015, and paved the way for the establishment of the university’s Shenzhen branch and the CUHK Medical Centre.