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Banking giant HSBC has named John Flint, current head of retail banking and wealth management, as its new boss.

Mr Flint, who takes over from outgoing chief executive Stuart Gulliver, will start his new role next February.

The move sees Europe's biggest bank once again promote a company insider to run the firm.

The appointment is the first big decision by the bank's new chairman, ex-AIA Group boss Mark Tucker, who joined HSBC at the start of this month.

Mr Tucker said that the new incumbent, who takes over on 21 February 2018, had a "broad and deep banking experience across regions, businesses and functions".

He added: "Over the coming months, before he formally takes over the group CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC's current momentum."

Mr Flint, who has been at HSBC since 1989, said that the bank had to "innovate and accelerate the pace of change required" to meet the expectations of shareholders, customers and employees.

The 49-year-old had been widely tipped to take over in the hot seat, after Mr Gulliver announced his intention to retire during 2018.

Mr Gulliver has been chief executive since 2011. After stepping down, he will continue to advise the bank until he formally retires on 11 October 2018.