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Updated Wednesday, September 8, 2010 8:36 pm TWN, Reuters

HSBC's Green to be trade minister: media

LONDON -- HSBC Chairman Stephen Green is stepping down from his role at Europe's biggest bank to become trade minister in the coalition government, media reported on Tuesday.

A formal announcement is expected to be made later on Tuesday. A government spokesman said he could not confirm reports carried on the BBC and Sky News.

Green, 62, joined HSBC in 1992 and was appointed chief executive in 2003 before taking up the role of chairman in 2006.

Mervyn Davies, a former chairman of Standard Chartered bank, served as trade minister under the Labour government, which lost power in May.

The Conservative-Liberal Democrat coalition has had difficulties replacing him, with several prominent businessmen reluctant to step into a post focused on promoting British commerce abroad.

The Sunday Telegraph newspaper reported in May that company directors John Thornton and Simon Robertson were among the frontrunners to replace Green at HSBC once he stood down as chairman.

The Confederation of British Industry had also said earlier this year it was lining up Green to take over as its president in June 2011.

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	HSBC Chairman Stephen Green attends an HSBC interim results press conference Aug. 2. Green is stepping down from his role at Europe's biggest bank to become trade minister in the coalition government, media reported on Tuesday, Sept. 7. (AFP) Enlarge Photo


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