George Osborne in line to be chairman of HSBC

George Osborne is reportedly in contention to become the next chairman of HSBC.

The former chancellor, who fostered closer links with Beijing during his time in office, is understood to be one of three remaining candidates for the top job at the bank.

He was approached by HSBC in the summer, according to Sky News.

The 54-year-old, who would succeed Sir Mark Tucker if he were to secure the position, has led a varied career since leaving politics in 2017.

HSBC is the second-largest FTSE 100 company, after drugs giant AstraZeneca. Its share price has surged by more than 50pc in the past 12 months.

During his six-year tenure as chancellor, Mr Osborne promised Beijing that Britain would be “China’s best partner in the West” and that a “golden era” for relations could be forged.

Relations have cooled in recent years and the geopolitical context surrounding China will be at the forefront of issues for HSBC’s new chairman.

Other names rumoured to be in contention are Naguib Kheraj, a City veteran who was previously finance director of Barclays, and Kevin Sneader, who works for Goldman Sachs in Asia.

Sir Mark stepped down as chairman in September but the replacement process has been rumbling on for almost a year with Brendan Nelson taking charge in the interim.

While Sir Mark had overseen an improvement in the bank’s share price, HSBC’s actions in Hong Kong have been heavily criticised as Beijing has exerted an increasingly authoritarian grip on the region.

An HSBC spokesman did not deny reports about Mr Osborne taking up the role when approached by The Telegraph.

The spokesman said: “Mr Nelson became interim group chairman on Oct 1. The process to appoint a new chairman is underway and we will provide an update in due course.”

After leaving politics, David Cameron’s long-term chancellor became an advisor at US investment giant BlackRock and stepped into journalism to become editor of the Evening Standard. It was a position he held from 2017 until 2021.

He then went on to become a partner at boutique British bank Robey Warshaw, where he has shared payouts of £30m, £31m and £70m between 2022 and 2024. Mr Osborne split the profits with three other founding partners at the Mayfair-based bank.

He is said to have taken the lead when the bank advised the United Arab Emirates-backed consortium Redbird IMI on its attempted takeover of The Telegraph.

If he were to become HSBC chairman, Mr Osborne would be obliged to give up his lucrative role at Robey Warshaw.

He also chairs the British Museum, which has held high-profile negotiations with the Greek government over the fate of the Elgin Marbles.