Edinburgh and Newcastle-based Virgin Money has confirmed the appointment of former HSBC executive Irene Dorner as chair elect of the challenger bank.

The appointment helps create the only female duo at the top of one of Britain’s FTSE 350-listed companies.

Virgin Money had said in October it was in talks to hire Dorner, who will now join Jayne-Anne Gadhia who is the first female CEO of a listed British bank.

Glen Moreno, outgoing chair said: “Irene brings a wealth of experience and expertise in banking and financial services and I am confident that she will take Virgin Money forward successfully in the years ahead.

“I am proud to be leaving a strong and diverse board.”

Norman McLuskie, senior independent director of Virgin Money, said: “Irene had a long and successful career at HSBC, including running its operations in Malaysia, and culminated in becoming president and CEO of HSBC in the United States.

“She also has a strong background in risk management. We look forward to benefitting from her vast experience.”

Gadhia said: “I am delighted that Irene will be joining Virgin Money as chair, bringing the board and executive management team a wealth of retail banking experience.

“I would like to thank Glen Moreno for his invaluable contribution to the board. We will miss him and we wish him well in the future”.