HSBC Scotland chief executive Alison McGregor has quit the role and will not be replaced in a move that has been linked to the implementation of new regulations on the ringfencing of banking operations.

The decision not to take on a new chief executive was made after Ms McGregor said she would leave the Glasgow-based post at the end of the year to pursue a portfolio of non-executive directorships, the bank said, and it is connected to structural changes made as a result of the new industry regulations ringfencing the public from risky investments.

HSBC UK insisted the move not to replace Ms McGregor would not undermine its ambitions for growth in Scotland, adding the senior management team would steer the operation and "more time will be dedicated collectively".

Ms McGregor said in a statement on professional network Linked In: "After four fantastic years leading HSBC Scotland I have made the decision to embark on a new chapter.

"This has not been an easy decision to make, but I am excited to take a new career path of building a portfolio of non-executive directorships.

"When I was appointed into the role my aims were to raise the profile of HSBC in Scotland, and maximise the opportunity for growth.

"Alongside lovely and capable people we have achieved that, seeing revenue growth across the business, our team in Scotland has expanded, and we now employ over 4,000 people across a number of disciplines and brands.

"I am proud of what we have achieved together."

The Herald:

Above: First Minister Nicola Sturgeon with Alison McGregor at a 2017 jobs announcement. Image: Scottish Government

Ms McGregor joined from Clydesdale Bank at a time when HSBC invested £10 million in corporate and commercial banking centres in Glasgow, Edinburgh and Aberdeen.

Staff numbers have grown from 3,200 to 4,000 during Ms McGregor's time in the post.

A former chairman of CBI Scotland, she also said: "HSBC Scotland plays a significant role in supporting the growth of Scotland, and I have been immensely honoured to lead this great business.

"I am pleased to confirm that HSBC UK’s strategy of growth in Scotland is unchanged, remaining fully committed to our Scottish customers and stakeholders.

"By utilising the vast experience and contacts we have within our senior management team, ensuring the different areas of the bank are represented, more time will be dedicated collectively to raising the bank’s profile and growing our market share in Scotland.

"I wish my colleagues well and will always be a proud supporter of HSBC Scotland."

From January next year, the largest UK banks must separate - or ringfence - core retail banking from investment banking to protect the public from so-called casino banking.

But preparation has cost banks like HSBC and RBS billions.

The Herald:

Image: PA

A spokesman for HSBC UK said: "As Alison’s message says, our strategy and appetite for growth in Scotland remains unchanged, but in light of Alison’s decision to embark on a new chapter in her career we looked at the shape of senior roles and responsibilities taking into account structural changes brought about as a result of the ringfencing of HSBC UK.

"We are fully committed to our Scottish business and to growing our market share, and we believe we can best serve our Scottish customers and stakeholders by utilising the vast experience and contacts we have within our Scottish leadership group - particularly our retail bank, commercial bank and non-ringfenced bank - working together to dedicate more time collectively to raising our profile and growing our market share in Scotland."