The CEO of HSBC, Noel Quinn, has informed the board of directors of the largest European bank by assets of his intention to leave the position, which he had held for almost five years, as reported by the entity.

“The group’s chief executive, Noel Quinn, has informed the board of his intention to retire from the bank after almost five years in the role,” HSBC confirmed in a statement.

Quinn, 63, will remain at HSBC as CEO while the bank’s board completes the formal selection process for his successor from both internal and external candidates to ensure an orderly transition.

HSBC Chairman Mark Tucker has thanked Noel Quinn for his leadership since taking up the role in 2019, as well as his contribution to the entity since he joined in 1987.

“The bank is in a strong position as it enters the next phase of development and growth,” Tucker said.

For his part, Noel Quinn stated that “after five intense years, now is the right time to achieve a better balance between my personal and business life.”