HSBC appoints Mark Tucker as new chairman

HSBC has hired ex Prudential boss Mark Tucker to replace Douglas Flint as chairman at the world's fourth largest bank.

Tucker, who founded Prudential's Asian business and was briefly the finance director at HBOS, will join the FTSE 100 giant in September from his current role as chief executive officer of pan-Asian life insurer AIA Group.

As the incoming chairman, he will take over the responsibility for leading the process of identifying a successor to the current group CEO, Stuart Gulliver, which has stated he plans to retire at the end of 2018.

Tucker has a vast array of experience, having served at Prudential's chief executive for four years and founded its Asia business, stood as a non-executive member of the Bank of England's Financial Stability and Audit and Risk Committees.

Having been an independent non-executive director of the Goldman Sachs group since 2012, he will step down on taking up the HSBC role.

Rachel Lomax, HSBC senior independent director, one of those who led the appointment process, said Tucker possesses the rare combination of experience demanded for the role: "He has a long track record of successful leadership of complex financial services businesses in both Asia and the UK.

"As CEO of two major financial services groups and through his non-executive roles at the Bank of England and Goldman Sachs, he also has extensive experience and understanding of the regulatory frameworks within which international financial services groups such as HSBC now operate.