HSBC has appointed a new boss for its retail bank

 
Mark Sands
Follow Mark
Credit Crunch Fails To Wipe Out HSBC Profit
Stuart will lead the retail banking operation from Birmingham. (Source: Getty)

HSBC has named a new boss for its retail bank - the current head of commercial banking.

Ian Stuart will become chief executive of the newly ring-fenced institution, subject to regulatory approval.

Stuart will be based in Birmingham, in the head office of the retail bank.

Stuart has helmed commercial banking in both the UK for the bank since April 2014, when he joined HSBC from Barclays, adding Europe to his remit a year later.

Under rules due to be set out by the Prudential Regulation Authority (PRA), banks must separate their "core" retail and business banking arms from their corporate and investment divisions by the beginning of 2019, with HSBC's retail operation, HSBC UK, created a result.

HSBC previously had connections with the city through the Birmingham and Midland Bank, which it acquired in 1992. It currently has 2,500 employees in the city.

Related articles