HSBC awaiting approval for new CEO appointment

HSBC has chosen a new chief executive to replace Stuart Gulliver and is now awaiting approval from the Bank of England regulators, according to reports on Monday.

The Prudential Regulation Authority is expected to approve the candidate selected by new chairman Mark Tucker in the coming weeks, the Financial Times reported, citing sources close to the matter.

HSBC, the world's fourth largest bank, is rumoured to be following tradition by promoting an internal candidate, having eschewed this custom when it appointed former Prudential and AIA boss Tucker to replace Douglas Flint as chairman earlier this year.

John Flint, head of retail banking and wealth management, is seen as the most likely candidate, though finance director Iain Mackay, investment banking chief Samir Assaf and European boss Antonio Simoes could be in with a chance.

Gulliver has set out his intention to retire at the end of 2018.