HSBC has appointed Annabel Spring as its chief executive, global private banking, effective immediately.

Spring will be based in London and report to Charlie Nunn, chief executive of wealth and personal banking.

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She joined HSBC in 2019 as group head of customers and products, WPB. This made her responsible for HSBC’s global personal banking product suite and flagship Premier and Jade propositions as well as wealth management and international services.

Previously, Spring, spent nine years at CBA in Australia, most recently as group executive for wealth management.

In addition, she held senior roles at Morgan Stanley, including global head of firm strategy and execution.

Taylan Turan was appointed group head of customers, products and strategy, taking over several of Spring’s responsibilities.

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Charlie Nunn, CEO, wealth and personal Banking, said: “Annabel and Taylan will play an important role in accelerating the growth of our business as we continue to invest in our customer offering, technology and products. As we operate in some of the fastest-growing wealth markets in the world, Global Private Banking, a business with tremendous growth potential, is central to this ambition.”

The wealth and personal banking division of HSBC was created earlier in 2020.

This led to it becoming one of the world’s largest global wealth managers with over $1.418trn in wealth balances as at the second quarter of 2020, up 3% year on year. Within that, Global Private Banking, which will continue to operate as a distinct business unit and brand, grew its client assets to $353bn, reaching $5.3bn of net new money in the first half of 2020.