HSBC Group Chairman to step down

Stephen Green will leave HSBC Holdings plc to become UK Minister of State for Trade and Investment in January 2011.

Mr Green said: "It is an honour to accept this new role with Her Majesty’s Government, serving Britain in the vital areas of trade and investment. It has been a privilege to serve as Chief Executive and then Chairman of HSBC, where I have so many friends. I will leave it in the safe hands of the most talented executive team in banking. It is a tribute to them and to my colleagues around the world that HSBC is in such good shape, as the world’s largest independent bank."

Stephen Green joined HSBC in 1982 and became an executive Director in 1998. He served as Group Chief Executive from 2003 to 2006 before his appointment as Group Chairman.

According to an HSBC announcement, the non-executive Directors under the leadership of the senior independent Director had already been working on the Chairman’s succession for some months, including having appointed external advisers. A successor to Mr Green will be approved by the Board before the end of the year.