HSBC UK Ring-Fenced Bank Board Operation

HSBC Holdings plc has today announced the appointment of Dame Clara Furse DBE as non-executive chairman of HSBC’s ring-fenced bank (“HSBC UK”). 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. HSBC UK will serve over 17 million personal and business customers across the UK from 1 January 2019.

In a career spanning over 35 years, Clara Furse has been at the heart of many of the most important changes that have shaped the financial services industry of today. Between January 2001 to May 2009 she was Chief Executive of the London Stock Exchange Group, also serving during this period as a non-executive Director of Euroclear plc, LCH Clearnet Group Ltd., Fortis SA and as a member of the Shanghai International Financial Advisory Council. From 2009 to 2013, 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.
Prior to joining the London Stock Exchange, Clara was Group Chief Executive of Credit Lyonnais Rouse from 1998 to 2000, joining there from UBS where she spent 15 years and was appointed a Managing Director in 1995 and Global Head of Futures in 1996. During the 1990’s she also served as a non-executive Director, Committee Chairman and Deputy Chairman of LIFFE, the UK’s first financial futures exchange.

Author: Dylan Jones

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