British banking group HSBC has named Ian Stuart as the CEO of its ring-fenced UK retail operations.
Stuart joined HSBC three years ago to head its commercial banking business in the UK. The role was expanded in 2015 to cover the rest of Europe.
Overall, Stuart has more than 35 years of experience in retail, business and commercial banking.
Ringfencing mandates UK banks to separate their retail banking business from their riskier investment banking activities by 2019 in order to prevent a repeat of the 2008 financial meltdown. The ring-fenced bank of HSBC, which will operate as HSBC UK, will be headquartered in Birmingham.
“Establishing a successful ring-fenced bank is one of HSBC’s strategic actions and the creation of HSBC UK provides us with the opportunity to build a better bank for our people, our customers and society,” HSBC said.