Bill Dalton, who was instrumental in providing the W5 Foundation with a $3 million interest-free loan last year, has been promoted to London. Dalton has been chief executive officer of the Hongkong Bank of Canada since 1992. He will become CEO of the Midland Bank, the fourth largest bank in the United Kingdom. Both banks are part of HSBC Holding plc., one of the world’s largest financial services organizations. Dalton, who is from Vancouver, will also be on the board of directors of HSBC Holding plc. As CEO of the Hongkong Bank of Canada Dalton arranged for the loan which allowed the W5 Foundation to install snowmaking and summer groom the Dave Murray Downhill course on Whistler Mountain last year. The snowmaking system was essential to Whistler being granted an annual date on the World Cup calendar. "It all started with Ted Nebbeling coming to see Bill," said Jeff Dowle, senior vice president of the Hongkong Bank of Canada. "Bill’s a big fan of Whistler’s, as a skier and as a part-time resident." The loan will be paid back over 10 years, with no interest. In return, the annual winter season kick off festival, which includes the men’s World Cup downhill and super G races, is titled the Hongkong Bank Whistler Ski Classic. This year’s festival is Nov. 26-30. The bank is providing national exposure for this year’s festival, Dowle said. Promotional posters are being placed in all Hongkong Bank of Canada branches across the country, starting this week. Dalton was one of the founding executives of the Hongkong Bank of Canada in 1981, when it had 35 employees and $150 million in assets. He is expected to attend this year’s race, before leaving for London. Dalton’s successor as CEO of the Hongkong Bank of Canada is Youssef Nasr, who has been serving as deputy CEO in the bank’s Vancouver head office since last December.