LONDON (Alliance News) - HSBC Holdings PLC said Tuesday that Ian Stuart will become the chief executive of its ring-fenced UK retail banking arm.
HSBC said Stuart will step down from his current role as head of commercial banking for the UK & Europe in order to take up the role, subject to regulatory approval.
The ring-fenced operation, named HSBC UK, will comprise the lender's UK retail banking and wealth management units, its commercial banking business and its global private banking operations.
UK government legislation obliges UK banks to separate their retail operations from their riskier investment banking operations by 2019.
Earlier, Clara Furse, the former chief executive of London Stock Exchange Group PLC, was appointed to chair the HSBC UK operation.
Shares in HSBC were up 1.0% at 695.00 pence Tuesday.
By Adam Clark; adamclark@alliancenews.com
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HSBC Holdings (HSBA)