HSBC attracts top British diplomat amid geopolitical headwinds | Business News

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

Sky News has learned that David Quarrey CMG, who served as the UK’s permanent representative to NATO Since April 2022, he has been leaving the diplomatic service to become head of public relations at HSBC.

He will be part of the bank’s executive committee, according to sources.

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

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

Quarrey has a distinguished career as a public servant, having held previous roles including as private secretary to Tony Blair, the then Prime Minister, between 2004 and 2006.

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

The experienced diplomat also held positions at the British High Commission in New Delhi and Harare.

In 2015, he was awarded the Companion of the Order of Saint Michael and Saint 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 placed by Europe’s largest lender on navigating its unique geopolitical footprint.

Also listed in Hong Kong and with deep historical links to China, the bank has an important presence in the USA.

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

Last month the company, which has a market value of well over £120 billion, appointed Georges Elhedery, its financial directoras its new chief executive.

He will replace Noel Quinn later this year.

Meanwhile, Quarrey will replace Sir Sherard Cowper-Coles, one of the UK’s most prominent public relations executives.

Sir Sherard Cowper-Coles, the former British ambassador to Saudi Arabia, resigned from his post last year after apologizing for comments he made at a private event regarding the UK’s China policy.

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

Sir Sherard continued to act as an advisor to HSBCsince leaving his public relations position.

As head of HSBC’s public relations function, which includes dozens of people around the world, Quarrey can expect to receive a global financial package that could reach seven figures, according to industry experts.

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

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