HSBC has appointed its head of commercial banking in the UK and Europe to a new role in charge of its ring-fenced retail operations.

Ian Stuart will become chief executive of HSBC UK. He joined the bank three years ago to lead its commercial banking business in the UK, a role that expanded in 2015 to include the rest of Europe. He has over 30 years' experience in financial services, in roles across retail, business and commercial banking.