HSBC will not appoint new Scottish chief executive as Alison McGregor stands down

HSBC has said it will not hire a new Scottish chief executive following the announced departure of Alison McGregor at the end of this year, The Herald reports.

However, the UK bank said its senior Scottish management team would be able to see through the continued growth of the business in Scotland.

In a statement posted to LinkedIn, Ms McGregor said she had decided to “embark on a new chapter” after four years leading HSBC Scotland.

She said: “This has not been an easy decision to make, but I am excited to take a new career path of building a portfolio of non-executive directorships.

“When I was appointed into the role my aims were to raise the profile of HSBC in Scotland, and maximise the opportunity for growth.

“Alongside lovely and capable people we have achieved that, seeing revenue growth across the business, our team in Scotland has expanded, and we now employ over 4,000 people across a number of disciplines and brands.

“I am proud of what we have achieved together.”

A spokesperson for HSBC UK added: “As Alison’s message says, our strategy and appetite for growth in Scotland remains unchanged, but in light of Alison’s decision to embark on a new chapter in her career we looked at the shape of senior roles and responsibilities taking into account structural changes brought about as a result of the ringfencing of HSBC UK.

“We are fully committed to our Scottish business and to growing our market share, we believe we can best serve our Scottish customers and stakeholders by utilising the vast experience and contacts we have within our Scottish leadership group – particularly our retail bank, commercial bank and non-ringfenced bank – working together to dedicate more time collectively to raising our profile and growing our market share in Scotland.”