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.
Sky Information has learnt that Mr Afolami, who misplaced his Hitchin seat eventually 12 months’s basic election, is to develop into a non-executive director of the FTSE-100 lender’s UK entity.
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 anticipated to be confirmed inside days.
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It will likely be his first vital personal sector position since leaving Westminster, the place he served as an MP for seven years.
Mr Afolami was a senior government 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 regulation 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 personal 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 business regulators.
At HSBC UK, whose board is chaired by the previous London Inventory Change chief Dame Clara Furse, Mr Afolami will assist oversee one among Britain’s largest excessive road banks.
The corporate operates 327 branches and employs 23,000 individuals.
In complete, it has about 15 million clients.
A spokesman for HSBC UK declined to touch upon Wednesday night.
