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.

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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