HSBC Holdings Plc is preparing to start the search for a successor to Chairman Mark Tucker, Sky News reported, citing people with knowledge of the matter.

HSBC's board has appointed headhunters to start the recruitment of its next chairman, Sky News reported on Saturday, with incumbent Mark Tucker due to stand down by 2026.

Europe's biggest lender has hired headhunters to identify a successor to Mark Tucker, who will have held the role for nine years by the time he steps down in 2026, Sky News learns.

HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

HSBC Holdings Plc is pulling back from its credit card business in China, Reuters reported, citing unidentified sources.