HSBC is looking for a new chief financial officer following Pam Kaur's decision to depart after marshalling a strategic overhaul at Europe's largest lender.

The London-headquartered bank said Kaur intends to leave her role next year, at some point before the 2027 annual general meeting.

A search for Kaur's successor is under way, considering both internal and external candidates, the bank said. Kaur will take on an advisory role to CEO Georges Elhedery to help with the process, according to a statement from the bank Thursday.

Kaur assumed the role as chief financial officer in January 2025, becoming the first female group CFO in the bank's history. She joined HSBC in April 2013 as group head of internal audit, after holding multiple positions at competing European lenders.

"Pam's deep experience, strong judgment and firm commitment to financial discipline have been invaluable," CEO Elhedery said Thursday.

During Kaur's tenure as chief financial officer, CEO Elhedery undertook a sweeping overhaul of the business. Elhedery primarily has sought to focus on retail banking in the U.K. and Hong Kong to connect large companies with global markets.

Through the overhaul, Europe's largest bank by assets has worked to slash costs and galvanize operations in Asia, where it makes much of its profit. As of late, it has agreed to sell its Egypt retail banking business to Emirates NBD, its home and personal loan portfolio in Australia to Blackstone, and its Singapore life and health insurance business to Allianz.

Shares were down around 1.3% after the announcement.