The remaining candidates to chair HSBC Holdings have been asked to pitch to the board of Europe’s biggest lender next week as it seeks to finalise the appointment of a successor to Sir Mark Tucker.
Sky News has learnt the contenders for one of Britain’s plum corporate directorships – including George Osborne, the former chancellor – will present their views on the company’s strategy and governance early next week.
A person close to the bank said on Thursday that Mr Osborne and at least one other candidate, thought to be the former McKinsey chief Kevin Sneader, were expected to meet HSBC’s directors, including acting chairman Brendan Nelson.
However, Naguib Kheraj, the former Barclays finance chief and ex-Standard Chartered deputy chairman, is said to have pulled out of the recruitment process in recent days, the HSBC insider added.
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Mr Osborne’s candidacy for the job was revealed by Sky News earlier this month.
Although he has scant direct banking or plc boardroom experience, he has counselled HSBC on key strategic initiatives since becoming a partner at the advisory firm Robey Warshaw – now part of Evercore Partners – in 2021.
He was also reported to have intervened on HSBC’s behalf as it sought to avoid prosecution in the US in 2012 on money laundering charges.
Mr Osborne, who was chancellor from 2010 until 2016, has amassed a portfolio of other corporate directorships, while he also chairs the British Museum.
With a market capitalisation of almost £180bn, HSBC is the second-largest FTSE-100 company after drugs giant AstraZeneca.
The bank has been looking for a replacement for Sir Mark for nearly a year, but has run what external critics have described as a chaotic succession process.
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Sir Mark, who has returned to the helm of insurer AIA as its non-executive chairman, stepped down at the end of September, but remains an adviser to the board.
HSBC’s shares have soared over the last year, rising by more than 40%, despite the headwinds posed by US President Donald Trump’s sweeping global tariffs regime.
Its biggest strategic move in 2025 has been to offer $14bn to buy the remaining shares of Hong Kong’s Hang Seng Bank.
When he was appointed, Sir Mark became the first outsider to take the post in the bank’s 152-year history – and which has a big presence on the high street thanks to its acquisition of the Midland Bank in 1992.
He oversaw a rapid change of leadership, appointing bank veteran John Flint to replace Stuart Gulliver as chief executive.
The transition did not work out, however, with Mr Tucker deciding to sack Mr Flint after just 18 months.
He was replaced on an interim basis by Noel Quinn in the summer of 2018, with that change becoming permanent in April 2020.
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Mr Quinn spent a further four years in the post before deciding to step down, and in July 2024 he was succeeded by Georges Elhedery, a long-serving executive in HSBC’s markets unit and more recently the bank’s chief financial officer.
The new chief’s first big move in the top job was to unveil a sweeping reorganisation of HSBC that sees it reshaped into eastern markets and western markets businesses.
He also decided to merge its commercial and investment banking operations into a single division.
The restructuring, which Mr Elhedery said would “result in a simpler, more dynamic, and agile organisation” has drawn a mixed reaction from analysts, although it has not interrupted a strong run for the stock.
During Sir Mark’s tenure, HSBC continued to exit non-core markets, selling operations in countries such as Canada and France as it sharpened its focus on its Asian operations.
In late September, HSBC said in a statement: “The process to select the permanent HSBC Group Chair, led by Ann Godbehere, Senior Independent Director, is ongoing.
“The company will provide further updates on this succession process in due course.”
HSBC has been contacted for comment.
