Banking giant HSBC has named Nigel Hinshelwood as deputy CEO of HSBC Bank, its UK and European unit, to direct split of UK consumer and investment banking operations.
The UK’s ring-fence regulation requires big lenders to separate their core banking services in the UK from riskier activities such as investment banking to make the essential parts of the business safer.
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In the newly-created role, Hinshelwood will be head of UK region and act as deputy of HSBC Bank CEO Antonio Simoes.
"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," according to an internal memo from Simoes and group chief operating officer Andy Maguire.
Hinshelwood, who will assume his new role on 22 February 2016, will be responsible for retail banking and wealth management, commercial banking, and private banking.
Hinshelwood, who joined the bank in India in 2005, is currently the bank’s global head of operations.
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By GlobalDataHSBC’s ring-fenced bank will be known as HSBC U.K. and will be headquartered in Birmingham.
