HSBC lures top British diplomat amid geopolitical headwinds

HSBC Holdings has lured one of Britain’s top diplomats to fill one of its most senior executive roles as it braces for an intensification of global geopolitical headwinds.

Sky News has learnt that David Quarrey CMG, who has served as the UK’s permanent representative to NATO since April 2022, is leaving the diplomatic service to become HSBC’s public affairs chief.

He will join the bank’s executive committee, according to insiders.

Sources close to the appointment said that David Lammy, the new foreign secretary, had been notified about Mr Quarrey’s departure.

It still requires the approval of the Advisory Committee on Business Appointments (ACOBA), a Whitehall panel which provides guidance on the length of time that former officials should be barred from taking up private sector posts or lobbying the government.

Mr Quarrey has a distinguished career as a public servant, with previous roles including as private secretary to Tony Blair, the then prime minister, between 2004 and 2006.

He also headed the UK team in the UN Security Council between 2008 to 2011 and more recently had a four-year stint as Britain’s ambassador to Israel.

The seasoned diplomat also held posts at the British High Commission in New Delhi and Harare.

In 2015, he was awarded a Companion of the Order of St Michael and St George (CMG) for services to British foreign policy in the Middle East and North Africa.

HSBC’s recruitment of such a senior figure underlines the importance attached by Europe’s biggest lender to navigating its unique geopolitical footprint.

Also listed in Hong Kong and with deep historical links to China, the bank has a major presence in the US.

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Rising global tensions and the prospect of a second Trump presidency in the US have become a growing preoccupation for HSBC.

Last month, the company, which has a market value of well over £120bn, named Georges Elhedery, its finance director, as its new chief executive.

He will replace Noel Quinn later this year.

Mr Quarrey, meanwhile, will take over from Sir Sherard Cowper-Coles, one of the UK’s most prominent public affairs executives.

Sir Sherard, a former British ambassador to Saudi Arabia, stepped down from the role last year after apologising over comments he made at a private event in relation to the UK’s China policy.

He had risked angering Washington by saying that Britain should pursue its own interests rather than following US government policy.

Sir Sherard has continued to act as an adviser to HSBC‘s board since stepping down from the public affairs role.

As head of HSBC’s public affairs function, which comprises scores of people around the world, Mr Quarrey can expect to receive an overall financial package potentially running to seven figures, according to industry insiders.

It was unclear on Tuesday who might be in the frame to replace Mr Quarrey as the UK’s permanent representative to NATO.

HSBC declined to comment, while the Foreign Office has been contacted for comment.