Alan Duffy has been appointed as chief executive officer for Ireland at HSBC, eight years since he joined the organisation to help establish its corporate banking business.

With effect from 16 May, Duffy will be responsible for HSBC’s corporate banking, securities services (funds administration) and insurance businesses in Ireland, which together employ 450 people.

He replaces Stephen Young who is returning to HSBC in the UK and will report to Chris Davies CEO, International Europe.

“Our securities services business has cemented its place as a key hub for HSBC’s European operations, transitioning HSBC business from New York, Bermuda and Guernsey in recent years and reaching the $105bn assets under management mark,” said Duffy.

“Our corporate banking business is also going from strength to strength and is working with top tier Irish corporates with international businesses and growing ambitions.”

Duffy has 25 years corporate banking experience and prior to joining HSBC, he held the position of head of wholesale banking for ING Bank NV in Dublin and has also worked with Banque Bruxelles Lambert and Canadian bank Scotiabank.