HSBC names ex-CBI chief Carolyn Fairbairn as UK chair
The former boss of Britain’s largest industry body has been appointed the next chair of HSBC UK, having served on the bank’s board for five years.
The lending giant confirmed on Monday that Dame Carolyn Fairbairn, who ran the Confederation of British Industry (CBI) between 2015 and 2020, would lead its board in the UK, replacing former London Stock Exchange boss Dame Clara Furse.
Furse’s nine-year term in the role will conclude in the coming months, after which Fairbairn will take on what is one of the most prestigious non-executive jobs in UK finance subject to her getting the nod from regulators.
HSBC said in a statement that Fairbairn was appointed after a “robust succession process” that included a range of internal and external candidates. The bank added that Fairbairn would bring “deep experience” of Britain’s business landscape and an understanding of “the role of UK businesses in an international context”.
“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,” the bank’s group chairman, Brendan Nelson, said.
“I believe that Dame Carolyn’s deep understanding of the UK business and regulatory landscape will be invaluable in the next phase of delivery for HSBC UK bank’s growth strategy and as we deliver fr our investors, customers, communities and employees.”
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Nelson only took up chairmanship of the wider banking group three months ago, after predecessor Mark Tucker’s suddenly resigned, triggering a lengthy search for a successor that lasted several months.
Fairbarin’s elevation to chair the UK bank, follows a stint heading up the bank’s remuneration committee in Britain. She has also served on the boards of Lloyds Banking Group and defence giant BAE, as well as non-executive positions at both the Competition and Markets Authority and Financial Services Authority, the precursor to the Financial Conduct Authority.
But she is best known for the five years she spent at the helm of the CBI, the UK’s largest lobbying group. Her successor, Tony Danker, oversaw a short spell in which the industry body’s future was plunged into doubt, after a string of news reports uncovered a litany of revelations about the body’s treatment of female staff.
Separately, Santander UK confirmed on Monday that Nicola Bannister will become the first chief executive of TSB Bank since the Spanish juggernaut bought the high street bank in July.