Ex-CBI boss Dame Carolyn Fairbairn to become chair of HSBC UK

The former boss of Confederation of British Industry (CBI) trade group has been appointed as the next chair of HSBC UK.

The banking firm said Dame Carolyn Fairbairn will take on the role at the end of the current half-year.

Current chair of the group Dame Clara Furse is set to retire from the non-executive role in the coming months after nine years.

Dame Carolyn, who led the CBI until 2020, is currently the chair of HSBC’s group remuneration committee and will take the new role subject to regulatory approval.

HSBC said the appointment follows a “robust succession process which considered both internal and external candidates”.

The announcement comes only three months after Brendan Nelson was named as chairman of the wider HSBC group.

Mr Nelson said: “I would like to thank Dame Clara for her dedication, commitment and the significant contribution she has made to HSBC during her time as chair of HSBC UK.

“I believe that Dame Carolyn’s deep understanding of the UK business and regulatory landscape will be invaluable in the next phase of delivery of HSBC UK Bank’s growth strategy and as we deliver for our investors, customers, communities and employees.”

Elsewhere on Monday, rival bank Santander UK confirmed that Nicola Bannister will become chief executive of TSB Bank after it takes over the high street lender.