LONDON, Feb 14 (Reuters) - HSBC said on Tuesdaythat it had appointed Ian Stuart as the chief executive officerof its ring-fenced UK retail business.
Stuart, who is currently head of commercial banking for UKand Europe, will step down from that role to lead the bank'sBritish retail banking and wealth management, commercial bankingand global private banking operations.
Britain's ring-fencing rules aim to avoid a repeat of the2008 financial crisis, when banks' bad bets in wholesalefinancial markets put ordinary depositors' cash at risk, and ledto big taxpayer-funded bailouts.
The rules apply to all banks in Britain that have bothretail and commercial or investment banking activities. HSBC'sring-fenced bank will be headquartered in Birmingham from 2018,a year before the separation of the business has to take place.
HSBC announced in November that Clara Furse will chair thenew division. (Reporting By Andrew MacAskill; editing by Simon Jessop)
HSBC Holdings (HSBA)
