HSBC has named its new chief executive for its Irish business, with its head of corporate banking Alan Duffy taking up the role.

The current chief executive, Stephen Young, is returning to HSBC in the UK after three years heading up the Irish business.

Mr Duffy, who joined the company in 2006 to help establish the corporate banking unit, will take over on May 16th. Prior to this, he was head of wholesale banking for ING Bank in Dublin, and worked with Banque Bruxelles Lambert and Canadian bank Scotiabank.

In his new role, Mr Duffy will be responsible for HSBC's corporate banking, securities services and insurance businesses in Ireland, overseeing more than 450 people.

“This is an exciting time to be taking this role,” he said. “As Ireland continues to make its economic recovery there is a significant opportunity for an international bank such as HSBC to help further the ambitions of Ireland’s corporates in the export market, whilst continuing to attract further investment in Ireland through our securities services business.”

The appointment is subject to regulatory approval.