HSBC has appointed Andrew MacAskill to lead its ring-fenced British retail banking business. Stuart will step down as head of commercial banking for the UK and Europe to lead the retail banking and wealth management, commercial banking and global private banking operations. Ring-fencing rules were brought in to prevent a repeat of the 2008 financial crisis and apply to all banks in the UK with retail and commercial or investment services. HSBC’s ring-fenced bank will be headquartered in Birmingham.
HSBC has appointed Ian Stuart to lead its ring-fenced British retail banking business. Stuart will step down as head of commercial banking for the UK and Europe to lead the retail banking and wealth management, commercial banking and global private banking operations. Ring-fencing rules were brought in to prevent a repeat of the 2008 financial crisis and apply to all banks in the UK with retail and commercial or investment services. HSBC’s ring-fenced bank will be headquartered in Birmingham.