HSBC has appointed John Flint as the company's new chief executive.
Flint, who currently heads HSBC's retail banking and wealth management businesses, will succeed Stuart Gulliver as executive director and group chief executive effective from 21 February 2018.
Reports emerged over the weekend that the bank planned to choose Flint as its next boss.
Mark Tucker, who joined HSBC as chair of the group on 1 October, said:
John has broad and deep banking experience across regions, businesses and functions. He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation.
Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead.
Flint said he was "humbled" and "enormously excited" to begin his role as the chief executive of Europe's biggest bank.
"The bank is very well-positioned for the future but we must continue to innovate and accelerate the pace of change required to meet the expectations of our shareholders, customers, employees and society at large. I'm looking forward to working with Mark, the board and over 230,000 colleagues around the world to make this great bank even better."
Tucker added that Gulliver had led the company through a challenging and difficult period with "great energy and commitment", successfully reshaping the business strategy of the bank.
Gulliver said: "After the most extensive restructuring of the bank in its history and a relentless focus on meeting the evolving expectations of society I am confident HSBC is in better shape than it was seven years ago. I know that with Mark and John leading the organisation, it is in great hands."