HSBC has named the new CEO of its UK private bank as the previous holder of the role moves to take up charge of HSBC's operations in Russia.

HSBC has named Chris Allen as chief executive of its private banking division in the UK, a spokesperson for the banking giant has confirmed.

He assumes the role as the former UK private banking boss, Mark Stadler, has moved to replace Huseyin Ozkaya as head of the bank’s operations in Russia. Stadler was previously head of HSBC Private Bank in the Middle East and North Africa and transferred to London earlier this year.

Ozkaya is reported to have left HSBC in April to join Lebanon’s Bank Audi Sal- Audi Saradar Group based in Turkey.

Allen will also be business head for Western Europe at HSBC Private Bank. He was latterly head of the private bank’s alternative investment division, a position he has held since September 2009. Before that, he was in charge of real estate within alternative investments. He joined HSBC in 2007 after 10 years at Colliers International as executive director within its investment division and, prior to that, as head of real estate fund management at Ahli United Bank.

HSBC, which generates 80 per cent of its revenues outside the UK, announced last month that it has shelved plans to move its headquarters in London to Asia.

Meanwhile, the bank is the process of carrying out a large-scale restructuring programme and said in May that it has achieved $2 billion in cost savings on an annualised basis. Altogether the London and Hong Kong-listed bank has disposed of or exited 28 non-core businesses since the beginning of 2011, making the simpler and easier to manage, it said, and potentially releasing $55 billion in risk-weighted assets.