In 2012, Stadler reached London from Dubai to manage the HSBC private banking unit in the UK, Bloomberg reported citing two persons familiar with the matter.

Previously, he was acting as global market head of HSBC Private Bank in the Middle East and North Africa.

The UK headquartered bank has also appointed Chris Allen, who acted as CEO of HSBC Alternative Investments since 2010, as CEO of UK Private Banking, effective next month.

Both appointments are subject to regulatory approval, the sources added.

HSBC has disposed Russian consumer banking unit to Citigroup in June to focus on corporate clients following which it sold its Japanese private-banking business to Credit Suisse Group.

In July, it sold almost half its US branches to First Niagara Financial Group for about $900m.