HSBC boss to join government

7 September 2010 | By Samuel Dale

David Cameron says Green will promote the UK and encourage investment and he will take up a seat in the House of Lords early next year.

Vince Cable, business secretary, welcomed Green’s appointment and says it shows that promoting industry is a key priority.

He adds: “In Stephen we will be appointing a minister with a long career as a leading international banker, one of the few to emerge with credit from the recent financial crisis, and somebody who has set out a powerful philosophy for ethical business.

“Stephen will be flying the flag for British business abroad as we continue to strengthen our ties with crucial emerging markets and our key economic partners. I am sure that he will prove to be an excellent addition to our ministerial team who will really help to bring trade and investment to the top of the agenda, and drive the government’s international message that the UK is open for business.”

Green is also stepping down as chairman of the British Bankers’ Association and will be replaced by Barclays president Marcus Agius.

Angela Knight, chief executive of the BBA, says she will miss Green but says his appointment shows the importance of financial services in the UK.

She says:
“Stephen Green’s appointment as trade minister is good news for the UK. Stephen has a deservedly strong reputation as a skilled business leader both in the UK and internationally and he is just the right man to demonstrate to our overseas partners that the UK is a global business centre and an excellent base from which to operate.

“Stephen understands the economy and the current financial climate and his extensive knowledge of the City and its players will ensure he makes a valuable contribution to ensuring the UK economy continues to recover and prosper.”