HSBC veteran Noel Quinn is to step down as chief executive after announcing plans for retirement.

He has held the role for five years, during which time he has helped deliver record profits and the strongest returns for the bank in over a decade.

Quinn, who is retiring after 37 years at the bank, also recently oversaw the sale of HSBC's French, Canadian and Argentinian operations.

HSBC group chairman Mark Tucker praised the chief exec for driving the bank's transformation strategy and creating a "simpler, more focused business".

Quinn said that after an "intense" five years he wants a better balance between his personal and business life, adding that he intends to pursue a portfolio career moving forward.

"I never imagined when I started 37 years ago that I would have the honour of becoming group chief executive of this great bank," he said. "I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC.

"I want to thank them whole-heartedly and wish them continued success for the next stage of the journey."

HSBC said that the board has begun a formal process to find a successor, considering both internal and external candidates.

Quinn will continue on as chief executive during this process.

Earlier this month, HSBC announced it was selling its Argentinian business to Buenos Aires-based private financial firm Group Financiero Galicia in a $550 million deal.

The bank said that the move would result in pre-tax losses of $1 billion in the first quarter of 2021.

The loss follows an 80 per cent profit decline in the previous quarter driven by an impairment charge linked to its stake in China's Bank of Communications.

The Kremlin also recently gave HSBC permission to offload its business in Russia more than a year after the UK bank announced a deal.

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