Mr Nish will also become a member of the group risk committee with effect from 18th February this year.

Mr Nish will succeed Sir Jonathan Symonds in his role as senior independent director.

Mark Tucker, HSBC’s chairman, said: “On behalf of the board, I would like to thank Jon for his outstanding personal commitment and invaluable contribution to the board and its committees particularly in his role leading the group audit committee and excellent guidance provided to me and my fellow directors through his role as senior independent director and deputy chairman.

“I am delighted that David has agreed to take up the senior independent director and group audit committee chairman roles. He has been a director of the company since May 2016 and is a member of the group audit committee and group remuneration committee. His extensive board experience in financial services, corporate governance and financials reporting place him extremely well to assume these roles. I look forward to working more  closely with David in 2020 and beyond.”