British banking major HSBC has named Clara Furse as the chairman of its new ring-fenced UK retail business.
Furse, an ex-CEO of the London Stock Exchange, will manage the bank’s UK retail banking and wealth management, commercial banking as well as global private banking operations.
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HSBC group chairman Douglas Flint said: "We are thrilled to have secured Clara as chairman of the HSBC UK board. She brings unrivalled knowledge of the UK's financial markets, systems and regulatory architecture."
Furse most recently was a member of the Bank of England's financial policy committee, a position that she stepped down recently to take over the new role.
Bank of England governor Mark Carney said: “We thank Dame Clara for her important contribution as a founding member of the statutory Financial Policy Committee. The Committee has benefited greatly from Clara’s expertise in banking and financial markets and from her unique insights as a market practitioner.”
Ringfencing forces UK lenders managing over £25bn in deposits to separate their retail banking operations from their riskier investment banking units. The new rules are expected to be effective from 2019.
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