Bim Afolami, the previous Metropolis minister, is to return to HSBC – the financial institution he labored for earlier than he launched into a profession in politics – in a boardroom position.
The appointment of Mr Afolami, who drove ahead a variety of key Metropolis reforms throughout his comparatively transient stint as financial secretary to the Treasury, is predicted to be confirmed inside days.
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It is going to be his first important non-public sector position since leaving Westminster, the place he served as an MP for seven years.
Mr Afolami was a senior govt at HSBC for a number of years, earlier than which he labored as a company lawyer on the Magic Circle agency Freshfields, and on the US legislation agency Simpson Thacher and Bartlett.
His recruitment to the board of HSBC UK is known to have been signed off by the Advisory Committee on Enterprise Appointments (ACOBA), which scrutinises non-public sector strikes of former ministers and senior civil servants.
A supply near the financial institution mentioned it was additionally understood to have been accepted by trade regulators.
At HSBC UK, whose board is chaired by the previous London Inventory Alternate chief Dame Clara Furse, Mr Afolami will assist oversee one in every of Britain’s greatest excessive avenue banks.
The corporate operates 327 branches and employs 23,000 individuals.
In whole, it has about 15 million prospects.
A spokesman for HSBC UK declined to touch upon Wednesday night.
