The Swedish bank has created a new executive post to shore up UK wealth operations.

In several C Suite changes at the Swedish bank, Tracey Davidson has been made deputy CEO at Handelsbanken in a newly-created post. She will become chairman of Heartwood Wealth Management, the bank's UK wealth and asset management arm, where she has served as chief executive since 2014.

Davidson takes over as chairman from Michael Broom, who will stay on the board as a non-executive director, the group said. Simon Dixon, head of Handelsbanken Wealth Management, will step in as acting CEO at Heartwood while a recruitment process is underway. The new positions take immediate effect.

Davidson, who started at Barclays, has been part of the Swedish bank’s UK operations since 2003. She oversaw Heartwood's integration and growth after the Nordic bank purchased the UK wealth manager in 2013 to expand its asset management scope. Handelsbanken began its UK banking presence in the early 1980s and has around 200 branches across the country.

Davidson said she was excited to take up the new post and continue her relationship with Heartwood as chair, particularly "when we are seeing growing demand for our sustainable investment solutions which have for a long time been a natural part of the banking group's values," she said.