HSBC has appointed former NatWest executive David Lindberg to head its ringfenced UK bank, in a move that continues a broader leadership overhaul under group chief executive Georges Elhedery.

Lindberg, who served as NatWest’s chief executive of retail banking until earlier this year, will take up the role on 8 December, replacing Ian Stuart, who becomes group customer and culture director.

Elhedery, who became group chief executive in September last year, has restructured HSBC into four lines – Hong Kong, the UK, corporate and institutional, and wealth – as part of efforts to sharpen strategy and simplify the group’s operations. HSBC is one of the UK’s largest banks by assets, with more than $360 billion of customer deposits in the country.

Lindberg said he was “honoured to be joining HSBC at such an important time,” adding: “HSBC UK serves over 15 million personal and business customers and plays a vital role in supporting the country’s economy. I’m excited to work with the team to deliver the very best of HSBC to all of its customers, and to innovate in order to enable the success of individuals, communities and businesses across the UK.” The comments were carried by The Independent.

Elhedery welcomed the appointment, saying: “I am delighted that David is joining HSBC to lead our UK business. As one of our two home markets, the UK is core to our foundational strength as a group. David brings with him an impressive focus on the customer, deep international experience and a clear vision for the future as we invest in innovation to grow our business and put our customers at the heart of everything we do.”

The hire follows several portfolio moves by HSBC over the past year, including the sale of its UK life insurance arm to Chesnara for £260 million in July and a $13.6 billion deal announced this month to privatise Hang Seng Bank in Hong Kong. Shares in HSBC rose about 1.2 per cent in Hong Kong on Tuesday, with Reuters noting the stock was up nearly 1 per cent ahead of the lunch break.

Lindberg’s background spans senior roles across Australian lenders including Commonwealth Bank of Australia, ANZ Group and Westpac, alongside his tenure at NatWest. His arrival indicates HSBC’s intent to maintain momentum in its UK franchise while pursuing growth in Asia, where rising wealth has buoyed the group’s southern China operations.

---