HSBC has appointed John Flint as its new chief executive, replacing the long-standing Stuart Gulliver.
Mr Flint, who currently heads up retail banking and wealth management at the lender, will take up the role on February 21.
His appointment will see Mr Gulliver end a seven year stint at the banking giant when he retires.
Chairman Mark Tucker, who led the search for a new chief executive, said: “John has broad and deep banking experience across regions, businesses and functions.
“He has a great understanding and regard for HSBC’s heritage, and the passion to build the bank for the next generation.
“Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead.”
Mr Flint said he is “humbled by the responsibility” and excited by the opportunity to head HSBC.
Under Mr Gulliver’s tenure, the bank has had to grapple with a series of misconduct issues and has paid billions in fines, including for links to Mexican drugs cartels.
However, the bank chose to focus on Mr Gulliver’s work in preventing financial crime and its dividend performance.
Mr Tucker added: “Stuart has led HSBC through a challenging and difficult period with great energy and commitment and successfully reshaped the business strategy of the bank.
“This includes the important work of putting in place global standards for identifying and preventing financial crime.
“Since January 2011 the bank has paid 60.7 billion dollars in dividends, announced an additional 5.5 billion dollars of share buybacks, and delivered a total shareholder return of 66.8%. This is an outstanding track record.”
John Flint, the new chief executive of HSBC
Born in Yorkshire and educated at Dhahran Academy and Giggleswick School, Mr Flint is an HSBC veteran and joined the lender as an international officer in 1989.
He spent the first 14 years of his career in Asia, helping to establish and expand the bank’s global markets business in the region before moving back to London in 2004.
His Asian stint will be crucial for HSBC as he is likely to continue Mr Gulliver’s so called “pivot” to the fast-growing continent.
In 2006, Mr Flint rose up the ranks when he was appointed group treasurer and assumed global responsibility for balance sheet management, before adding the roles of deputy head of global markets and head of global markets for Europe, Middle East and Africa to his CV.
He has also held down stints as chief of staff to the group chief executive at HSBC and group head of strategy.