From Church of England Minister to Trade Minister

HSBC chairman Stephen Green’s appointment as the UK’s Trade Minister is seen as a real coup for the British government, with the career banker having earned a formidable reputation throughout his 28 years with the group.

He steered HSBC through the worst financial crisis in living memory, helping the bank emerge relatively unscathed while rivals were brought to their knees.

Despite being the first to flag up the sub-prime mortgage woes in the United States that led to the credit crunch, HSBC was one of the few UK banks not to be bailed out by the government.

Mr Green avoided many of the bullets aimed at the industry as it took the blame for practices that subsequently led to a steep global recession.

An ordained Church of England minister, the 61-year-old has delivered soul-searching comments on the ethics and past excesses of the banking sector since the crisis erupted.

He was quick to admit the bonus culture “ran out of control” and that banks were guilty of a multitude of failings.

On announcing the £12 billion investor cash call that saved HSBC from state support, Mr Green said “perverse incentives led to dangerous outcomes”.

He added: “There is genuine and widespread anger that the contributors to the crisis were in some cases amongst the biggest beneficiaries of the system.

“It is as if, too often, people had given up asking whether something was the right thing to do, and focused only on whether it was legal and complied with the rules.”

He vetoed his own cash bonus for 2008 and waived a shares bonus for 2009, although the bank has since come under fire for mammoth pay deals offered to some of its star traders as profits have made a remarkable recovery.

The Group more than doubled half-year profits to $11.1 billion (£7.2 billion) in the first six months of this year.

Mr Green was appointed chairman at HSBC after serving as chief executive from 2003 to 2006.

He joined the group in 1982, with responsibility for corporate planning activities.

Previous roles included group treasurer and director of the investment banking arm before being promoted to chief executive.

His career with the bank has seen him work in Hong Kong, New York, the Middle East and London.

Mr Green’s faith has led him to examine ethics in the banking sector, having penned two books - Serving God? Serving Mammon? and more recently Good Value: Reflections On Money, Morality And An Uncertain World.

But his new role may also pose dilemmas as he bangs the drum for British businesses while HSBC is said to have threatened to quit the UK.

The bank has reportedly said it may move from London if the government decides to break up the big banks.

Mr Green’s appointment with the government brings his career full circle, having started out at the Ministry of Overseas Development before joining management consultants McKinsey & Co in 1977.

The Oxford-educated banker, who has also acted as chairman of the British Bankers’ Association since 2006, is married with two daughters.