During his leadership, HSBC navigated significant global challenges, including the Covid-19 pandemic, rising living costs, and increased US-China tensions, as well as overseeing three chief executives and managing shareholder relations.

Sir Tucker said: “It has been a great honour and privilege to lead HSBC as chair. I am deeply grateful for the trust and support I have received from the board, management, and colleagues and am very proud of all that we have accomplished together.

“With the strong foundations laid over the last eight plus years, I am very confident that under Georges’ leadership, HSBC will go from strength to strength. I wish HSBC and all its stakeholders continued success and prosperity.”

HSBC has commenced the search for a successor, a process led by senior independent director Ann Godbehere.

Ms Godbehere said: “On behalf of the board and all our colleagues at HSBC, I want to thank Mark for the tremendous value he has added to HSBC over the past eight plus years.

“As group chairman, he has provided strategic guidance and clarity to the management team, streamlined the board and overseen material improvements to the group’s people succession and governance processes.

“Mark also provided excellent stewardship of the bank through the COVID-19 pandemic, and most recently, led the group CEO succession process. Very importantly, he has also deepened the group’s relationships with key clients, regulators and investors around the world.”

She added: “The board is conducting a thorough process to identify the best candidate to lead the board, and support Group CEO, Georges Elhedery, and the wider management team, through the next period of development and growth for the Bank. I am delighted that Mark will remain as a strategic adviser to the Group CEO and the board whilst the succession process for a permanent chair continues.”