The new HSBC private banking CEO has been named as António Simões, replacing Peter Boyles who will retire after a 43-year stint at the bank.

Boyles has held various roles at HSBC including CEO of Continental Europe and head of commercial banking for Europe.

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Simões will assume the new responsibility on 1 January 2019, subject to regulatory nod.

He joined the British banking group in 2007 in the role of group head of strategy. He also served as the chief of staff to the group CEO, as well as headed the European retail banking and wealth management business.

Simões currently serves as the CEO of the British business HSBC Bank and the Europe business. He will be replaced in these dual roles by James Emmett, who joined HSBC in 1994 and has held various roles at the bank.

Emmett formerly served as the COO of HSBC Bank, CEO of HSBC Turkey and global head of trade and receivables finance.

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HSBC group CEO John Flint said: “We are grateful to Peter for his 43 years of dedicated service. He has been instrumental in transforming Global Private Banking into a modern and future-focused business.

“In António we have an individual who has consistently demonstrated strategic thinking and the ability to strengthen client relationships. In James, we have a very experienced international banker to lead our European business.”