HSBC Holdings has made a significant move by appointing David Quarrey CMG, a distinguished British diplomat, to one of its most senior executive positions. Quarrey, who has served as the UK’s permanent representative to NATO since April 2022, is set to join HSBC as the new head of public affairs, marking a major shift from his diplomatic career to the financial sector.
Sources reveal that Quarrey will also join HSBC’s executive committee, reflecting the bank’s emphasis on navigating the complex global geopolitical landscape. The appointment requires approval from the Advisory Committee on Business Appointments (ACOBA), which oversees the transition of former officials into private sector roles.
Quarrey’s career in public service is notable for its breadth and impact. He previously served as private secretary to Prime Minister Tony Blair between 2004 and 2006 and led the UK team at the UN Security Council from 2008 to 2011. His most recent role as Britain’s ambassador to Israel adds to his extensive diplomatic background, which includes postings at the British High Commission in New Delhi and Harare. In 2015, he was awarded a Companion of the Order of St Michael and St George (CMG) for his contributions to British foreign policy in the Middle East and North Africa.
HSBC’s recruitment of such a high-profile figure underscores its strategic focus on managing its global operations amid increasing geopolitical challenges. The bank, Europe’s largest lender, has significant interests in both China and the US, and rising global tensions, including the potential return of Donald Trump to the US presidency, have heightened the need for sophisticated public affairs leadership.
Quarrey will succeed Sir Sherard Cowper-Coles, a former British ambassador to Saudi Arabia, who stepped down from the role last year following controversial remarks about UK-China policy. Sir Sherard has continued to advise HSBC’s board since his departure.
As head of HSBC’s public affairs, Quarrey is expected to receive a comprehensive financial package potentially worth seven figures, according to industry insiders. His appointment comes as HSBC recently named Georges Elhedery as its new chief executive, set to replace Noel Quinn later this year.
It remains unclear who will succeed Quarrey as the UK’s permanent representative to NATO. HSBC and the Foreign Office have yet to comment on these developments.