HSBC appoints David Lindberg head of UK bank

(Sharecast News) - HSBC has named a former NatWest executive as chief executive of its UK business, it announced on Tuesday, bringing a months-long search to a close. David Lindberg will take on the role from 8 December, having stepped down as head of retail banking at NatWest earlier this year.

Prior to joining NatWest, Lindberg held roles at Commonwealth Bank of Australia, ANZ Group and Westpac.

HSBC kicked off the recruitment process in March, when it announced current incumbent Ian Stuart would move to a newly-created role, group customer and culture director.

Group chief executive Georges Elhedery, who took charge in September 2024, has spent the last year shaking up Europe's largest lender. He has aggressively axed costs, including pulling out of some retail markets, sold the UK life insurance business and scrapped investment banking services in Europe and the US.

He also sought to simplify the company's structure, by focusing more clearly on its core geographical markets of the UK and Hong Kong.

Earlier this month, HSBC moved to take full control of Hang Seng Bank by offering $13.6bn to buy out minority investors in the Hong Kong lender.

Lindberg - who was born in Canada but is now based in the UK - said: "I'm excited to work with the team to deliver the very best of HSBC to all of its customers."

Elhedery added: "As one of our two home markets, the UK is core to our foundational strength as a group. David brings with him an impressive focus on the customer, deep international experience and a clear vision for the future."

HSBC is one of the UK's largest banks, based on assets, with more than 15m personal and business customers.

As at 1300 BST, HSBC's London-listed shares were up 2% at 988p.