HSBC has agreed that Stephen Green will step down as chairman of HSBC Holdings before the end of the year, in order to accept the invitation to become UK Minister of State for Trade and Investment in January 2011.
Green joined HSBC in 1982 and became an executive director in 1998. He served as group chief executive officer from 2003 to 2006 before his appointment as group chairman.
In addition, Green has resigned from his position as chairman of the British Bankers’ Association (BBA). Marcus Agius, group chairman of Barclays, will be the new chairman, effective immediately.
BBA chief executive officer (CEO) Angela Knight said: “The banking industry is facing fresh challenges as it works to play its full part in the UK’s financial recovery. Marcus Agius, in his role as Barclays’ group chairman, has helped the global universal bank grow and successfully weather the last three year’s financial turbulence and brings a sound understanding of the City, the key issues facing the industry and an international perspective which reflects well the BBA’s broad global membership.”
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