Bank of England's Clara Furse to chair HSBC retail arm

HSBC has announced the appointment of Dame Clara Furse as non-executive chairman of its ring-fenced bank.

Related topics:  Finance News
Rozi Jones
1st November 2016
HSBC
"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"

The Bank of England today confirmed that Furse, an external member of the Financial Policy Committee, has stepped down.

The appointment will take effect from 1 April 2017, subject to regulatory approval. HSBC UK will comprise the UK retail, commercial and private bank operations of the HSBC Group and will commence operations formally after its legal separation from HSBC Bank PLC in 2018.


Between January 2001 to May 2009 Furse was Chief Executive of the London Stock Exchange Group, following which she was a non-executive Director of Legal & General Group.

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 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.”

Clara Furse said: “I am delighted to be joining HSBC UK as its first chairman. 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.

“It’s been an enormous privilege to work with the Governor, other FPC colleagues and Bank staff on developing the UK’s macro-prudential policy in its early years. I will miss our intense and important deliberations, but am looking forward to playing a more active and direct role in supporting the UK’s economic ambitions at a time of great change.”

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.”

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