HSBC has chosen John Flint as its next chief executive, with its new chairman opting for an insider to pursue a turnaround at Europe's biggest bank.
Flint, pictured, who runs HSBC's retail and wealth management business, will take over as CEO in February when Stuart Gulliver, 58, retires after seven years in the job.
The appointment is the first major decision taken by former AIA Group chief Mark Tucker, who joined HSBC on October 1 as its first externally- appointed chairman.
Flint, who is not related to Tucker's predecessor Douglas Flint, is viewed by other HSBC executives as the safe option, having worked at the bank since 1989.
During his career at HSBC Flint, 49, has worked across most of its businesses and spent his first 14 years in Asia, giving him the breadth of experience seen as vital for the CEO role.
"He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation," said Tucker.
Flint emerged as the forerunner as expectations HSBC could appoint its first external CEO in its 150-year history waned.