HSBC names head of ring fenced UK bank
(13 February 2017 – United Kingdom) HSBC has announced that Ian Stuart will become the first Chief Executive of HSBC UK, its new ring-fenced bank, subject to regulatory approval.
Stuart is currently Head of Commercial Banking for HSBC for the UK and Europe. His 35-year career in financial services has spanned retail, business and commercial banking and he joined HSBC three years ago to lead HSBC’s Commercial Banking operations for the UK. His remit expanded in 2015 to include the rest of Europe.
In a statement, HSBC said that following a consultation process with retail, private and commercial banking customers, as well as customer-facing staff, a decision has been made to keep the HSBC brand, adding ‘UK’ to distinguish the ring-fenced bank from the non-ring-fenced bank.
The new brand will be rolled out across the UK from 1 January 2018, one year before ring-fencing legislation comes into effect.
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