HSBC has drafted in three business leaders alongside three of its own executives to form a new European advisory council that will be chaired by Stuart Gulliver, chief executive of corporate, investment banking and markets.

The move, which Gulliver today described as "an important development", comes after strong growth in Europe powered first-half profits at HSBC's corporate, investment banking and markets unit up a third to a record $4.2bn. The division was the UK bank's fastest-growing European business in terms of profits.