HSBC announces that Ian Stuart will become the first chief executive of HSBC UK, the new ring- fenced bank, which will be headquartered in Birmingham.
The appointment is subject to regulatory approval.
Under new rules, banks must now separate their "core" retail and business banking arms from their corporate and investment divisions by the beginning of 2019, with HSBC UK being created as a result.
HSBC – overall sponsor of Birmingham Press Club - currently has 2,500 employees in the city and its new bank, now under construction at Arena Central, will be completed by 2018 at the latest.
Ian (pictured), who is currently head of commercial banking for HSBC for the UK and Europe, started his banking career working in a small village branch in the Highlands of Scotland.
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.
Ian, who will be based in Birmingham, is a Business Ambassador for Meningitis Now and supports Speakers for Schools, an organisation which offers opportunities to students as they prepare for future employment.
Establishing a successful ring-fenced bank is one of HSBC’s strategic actions http://www.hsbc.com/about-hsbc/our-strategy.
A spokesman said that the creation of HSBC UK would provide an opportunity to build a better bank for its people, customers and society.
Meanwhile, six buildings at Brindleyplace, Birmingham, have been acquired by part of HSBC Private Bank in a deal believed to be worth in the region of £260 million.
HSBC Alternative Investments has taken ownership of 500,000 sq ft of mixed use space at the city centre development, including buildings which are home to Deloitte, Deutsche Bank, GVA and Royal Bank of Scotland.