Ex-HSBC chairman Lord Green is stepping down from his role on the board of The City UK following accusations that the bank helped clients evade tax while he was in charge.
Green, who is a Tory peer, joined the board of the financial services membership body and lobby group just under a year ago, following a stint as trade minister for the Conservative Party.
The City UK has claimed that the decision to resign was made by Green to prevent the controversy from interfering with the group’s work.
“Stephen Green is a man of great personal integrity who has given huge service to his country and the City,” said Sir Gerry Grimstone, Chairman of The City UK’s board.
“He doesn’t want to damage the effectiveness of The City UK in promoting good governance and doing the right thing, so has decided to step aside from chairing our advisory council. This is entirely his own decision.”
Grimstone will step in as interim Chairman following Green’s departure.
HSBC is currently facing criminal charges in the US, France, Argentina and Belgium for allegedly helping clients to dodge taxes by funnelling money into Swiss bank accounts between 2005 and 2007.
It is not yet clear how much Green, who led the bank as chief executive in 2003 and became its chairman in 2006, knew about the practice.
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