HSBC has named John Flint as its next chief executive the bank said on Thursday, sticking with its model of always promoting company insiders to run the firm.

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Flint, who currently runs HSBC`s retail and wealth management business, will start his new role on Feb 21 2018, Europe`s biggest bank said, taking over from outgoing Chief Executive Stuart Gulliver.

The appointment marks the first major decision taken by the bank`s new chairman, former AIA Group chief Mark Tucker who joined HSBC on Oct. 1 as its first ever externally-appointed chairman.

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