Former London Stock Exchange chief executive to chair HSBC UK

HSBC has selected the former chief executive of the London Stock Exchange to be its chairman of HSBC UK, the ring-fenced bank which will be based at Birmingham’s Arena Central development.

Dame Clara Furse will take up the role in April, subject to regulatory approval. Following her appointment, she has stepped down as an external member of the Bank of England’s Financial Policy Committee.

The bank will start moving more than 1,000 people to the city next year as it separates out its retail, commercial and private bank.

Dame Clara said: “The creation of HSBC UK offers a great opportunity to get closer to the businesses and communities we serve and to support their ambitions for growth and prosperity. Access to well-designed financial products and services is a key driver of a successful economy and more important than ever in a changing world.”

She had worked in the financial services industry for more than 35 years, including eight years running the London Stock Exchange Group. Her directorships have included Belgian-Dutch bank Fortis, which was badly affected when its purchase of ABN Amro was swiftly followed by the global financial crisis. She is currently a non-executive director at Nomura, Vodafone and Amadeus.

HSBC Group chairman Douglas Flint added: “She brings unrivalled knowledge of the UK’s financial markets, systems and regulatory architecture having played key roles in their development.

“Furthermore, her experience in overseeing major change programmes and in developing business opportunities at the most senior levels in major financial sector organisations will be invaluable to HSBC UK as it focusses on enhancing its support for UK business and personal customers.”