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HSBC names new head of UK and deputy CEO to oversee ring-fenced retail bank

A traffic light shines red near the HSBC bank logo, pictured at the bank buidling in Paris, June 15, 2015. REUTERS/Christian Hartmann

LONDON (Reuters) - HSBC HSBA.L has named Nigel Hinshelwood to a newly-created role of head of UK and deputy CEO of HSBC Bank Plc, a memo seen by Reuters showed, as it prepares for new rules demanding the separation of retail banking from riskier business activities.

Staff at Europe’s biggest bank were notified of the appointment earlier on Thursday in an internal note signed by Antonio Simoes, chief executive officer, HSBC Plc and Andy Maguire, group chief operating officer.

Hinshelwood will be responsible for retail banking and wealth management, commercial banking, and private banking, as well as oversee the creation of HSBC’s ring-fenced bank.

“Successful delivery of the ring-fenced bank is one of the ten strategic actions that we undertook to investors on the 9th June strategy update. Nigel’s role is therefore to deliver one of the Group’s highest priorities,” the note said.

Hinshelwood, who joined the bank in 2005 and currently serves as global head of operations, will take up this position on February 22, subject to all regulatory approvals, the note said.

His successor will be announced in due course.

All Britain’s banks must ring-fence their wholesale and investment banking activities from their retail and commercial businesses by 2019. HSBC has said it will headquarter this ring-fenced bank in Birmingham.

Reporting By Sinead Cruise. Editing by Jane Merriman

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