Former UK chancellor George Osborne has emerged as a surprise contender to become the next chairman of HSBC Holdings, one of the world’s largest and most influential banks, according to reports.
Sky News reported that Osborne, who served as chancellor from 2010 to 2016, was approached over the summer as part of HSBC’s ongoing search to replace outgoing chair Sir Mark Tucker. Sources in the City say Osborne is now among three candidates still under consideration by the bank’s board.
The other two contenders are Naguib Kheraj, former finance director at Barclays and ex-deputy chairman of Standard Chartered, and Kevin Sneader, former global managing partner of McKinsey who is now a senior executive at Goldman Sachs in Asia. It is unclear if the board has a frontrunner or if additional candidates remain in contention.
Osborne’s inclusion on the shortlist has surprised many in the Square Mile. While he has a high-profile political and advisory background, he has no experience chairing a public company, and his direct banking experience is limited compared with the other candidates. HSBC, valued at nearly £190 billion and the second-largest FTSE 100 company after AstraZeneca, has been criticised for what some observers describe as a chaotic succession process.
Sir Mark Tucker stepped down at the end of September to chair insurer AIA but continues to advise HSBC’s board. Former KPMG vice-chair Brendan Nelson has served as interim chair since last month while the search continues. If appointed, Osborne would represent a major departure from tradition, which has typically favoured seasoned banking executives.
Since leaving Parliament, Osborne has held a range of high-profile roles. He was editor of the Evening Standard, partner at merger advisory firm Robey Warshaw, chair of the British Museum, and advisor to cryptocurrency exchange Coinbase. He also chairs Lingotto Investment Management, backed by Italy’s Agnelli family. Taking the HSBC role would require him to step down from several of these positions.
Osborne’s previous dealings with China are likely to draw scrutiny. As chancellor, he promoted close UK-China relations and reportedly intervened on HSBC’s behalf during its 2012 negotiations with US authorities over money-laundering charges. Today, geopolitical tensions present a more complex backdrop for the bank’s leadership.
HSBC shares have risen more than 50% over the past year despite global economic challenges. New chief executive Georges Elhedery, who succeeded Noel Quinn in July 2024, has reorganised the bank into eastern and western markets and combined commercial and investment banking operations. Analysts have offered mixed reactions, but the bank’s stock has continued to perform strongly.
During Sir Mark Tucker’s tenure, HSBC exited non-core markets such as Canada and France to sharpen its focus on Asia. The chair succession process, led by senior independent director Ann Godbehere, is ongoing. Neither HSBC nor Osborne has commented on the latest developments.
