HSBC Group Chief Executive Noel Quinn has decided to retire from the bank after nearly five years in the role, as per a statement from the London-headquartered baning giant on Tuesday. Quinn, the lender said, has delivered record profits and the strongest returns in over a decade, adding that he has successfully simplified and focused the bank, most recently with the sale of the Canada and Argentina operations. The outgoing CEO said he intends to pursue a "portfolio career" going forward.

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"It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC," Quinn said.

"I want to thank them wholeheartedly and wish them continued success for the next stage of the journey. After an intense five years, it is now the right time for me to get a better balance between my personal and business life," he said.

HSBC Chairman Mark Tucker thanked Quinn for his leadership since taking up the role in 2019 and for his contribution to HSBC since he first joined in 1987.

"Noel has had a long and distinguished 37-year career at the Bank and we are very grateful for his significant contribution to the Group over many years. He has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns," Tucker said.

Tucker added that the bank is in a strong position as it enters the next phase of development and growth.

The bank has meanwhile begun a formal process to find a successor, considering both internal and external candidates. Quinn, 62, will continue as Group Chief Executive during this process and ensure a smooth and orderly transition, the statement read.