HSBC Private Bank has appointed David McKenzie as managing director and head of credit advisory, while also elevating Karina Challons, current head of the tax and financial planning team, to managing director level.

David McKenzie, who first joined HSBC Private Bank from NatWest in 2001, succeeds David Stoppard, who is retiring this month. In his new role McKenzie reports to Declan Sheehan, regional chief executive for the UK and Channel Islands.

Challons, meanwhile, has worked for HSBC Private Bank for close to 12 years and has led the tax and financial planning team for the past two. As managing director she now reports to Daniel Ellis, managing director, head of the private bank's investment group for the UK & Channel Islands.

In other news about the group this week, Monday saw reports that in the US a New Jersey man, reportedly a client of HSBC, had pleaded guilty to conspiring to hide accounts in India and elsewhere.

The case includes as co-conspirators five unnamed bankers whom sources identified as employees of HSBC, reports said. The government in its indictment said the bankers worked at a large international bank headquartered in the UK. HSBC is headquartered in London with a dual listing in London and Hong Kong.

Vaibhav Dahake admitted to conspiring to conceal accounts in India in the US district court in New Jersey. The matter comes shortly after US legal authorities said a unit at HSBC may have helped thousands of US citizens to evade taxes.

"We don't condone tax evasion and we're cooperating with the authorities in their enquiries," a spokesperson for the bank told WealthBriefing. They also emphasised that HBSC Private Bank is not a legal party to the case.