HSBC has named a successor to Sumeet Chabria, a 21-year veteran of the bank who was revealed last week to be stepping down as chief information officer in the global banking and markets unit.

The UK bank has promoted Richard Herbert, who was most recently head of global foreign exchange and regulatory information technology in the global banking and markets unit, and Chabria's deputy CIO, to the role, according to an internal memo sent to staff on Monday that was seen by Financial News.