Robert Swannell would seem an unlikely chairman for HMV, because as a well-connected 57-year-old investment banker he is not the type of customer one often comes across in the typical branch, with its loud background rap music and racks of discounted DVDs.

But HMV insists that he has, indeed, shopped there and has a fondness for the works of Bob Dylan. Should he drop into the group’s other chain, the Waterstone’s book shops, he could stock up on those titles he does not yet possess of his favourite author, Graham Greene.

The appointment of an investment banker inevitably raises suspicions that some sort of corporate move is being planned, especially since he replaces Carl Symon, a professional executive best known for a stint at IBM.

In addition, until Mr Swannell arrives on February 2, the chairman’s seat will be filled by another banker, Lesley Knox, formerly of Kleinwort Benson.

But HMV insists this supposition is untrue, and that he is being brought in for his retail experience. At Citigroup, where he is vice-chairman of Citi Europe, he represents Marks & Spencer and was involved in the defence against the bid from Philip Green in 2004.

He acted for Safeway when the grocer was under siege from a number of rivals, finally going to Wm Morrison.

Mr Swannell has been an investment banker since joining Schroders in 1977, when it was a more gentlemanly business. He stayed through the much-expanded bank’s takeover by Citigroup in 2000 and took up his current post in February 2006.

The delay in his arrival at HMV is to allow him to move up to a more senior advisory role at Citi, which would leave more time for his non-executive activities. He is also a director of property group British Land and veteran venture capital outfit 3i Group. A qualified chartered accountant and barrister, he is deputy chairman of the Governing Body of Rugby School, which he attended.

There has been no shortage of corporate activity at HMV, however, and a resurgence would be no surprise. In 2006 the group rejected a £842 million offer from Permira, the private equity firm. This was pitched at 210p, a far cry from the 128.75p level at which the shares closed last night.

This was the latest in a number of approaches. There have also been persistent attempts by Tim Waterstone, founder of the eponymous bookshop chain, to buy this back. Analysts have speculated that the two businesses might be worth more if they are split up.

HMV has been badly mauled by the high street downturn and by the shift to downloaded music, which has a share of approaching ten per cent of the UK music market. Simon Fox, chief executive for the past three years, has responded by providing HMV’s own download service and by moving into higher-value goods such as iPods, DVDs and, increasingly, computer games.