HSBC has announced that Group Chief Executive Noel Quinn is retiring. He has informed the Board of his intention to retire from the bank after nearly five years in the role. Noel Quinn who started his stint with HSBC in 1987, has been serving as Group CEO since 2019.

The Board has begun a formal process to find a successor, considering both internal and external candidates. Noel Quinn will continue as Group Chief Executive during this process and ensure a smooth and orderly transition.

As Group CEO, Noel has overseen a successful transformation of the bank. During his tenure, HSBC has delivered record profits and the strongest returns in over a decade. He has successfully simplified and focused the bank, most recently with the sale of the Canada and Argentina operations and built a leading position on sustainability.

“The Board would like to pay tribute to Noel’s leadership of the company. Noel has had a long and distinguished 37-year career at the Bank and we are very grateful for his significant contribution to the Group over many years. He has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth,” said Mark Tucker, HSBC chairman.

“After an intense five years as Group CEO, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward,” said Noel Quinn.