Home business HSBC chairman Tucker takes the helm in the lobby group of the...

HSBC chairman Tucker takes the helm in the lobby group of the city Business news

Mark Tucker, the chairman of HSBC Holdings, will hold the presidency of the city's leading lobby group, as the British professional and financial services industries review the course of a possible no-deal Brexit.

Sky News understands that Mr. Tucker will likely be appointed the new chairman of TheCityUK in the coming days.

When he is confirmed, he follows John McFarlane, the outgoing chairman of Barclays, who resigns from his post at TheCityUK in the spring.

The lobby group represents an industry accounting for almost 10% of the UK's total economic output, with more than 2.3 million people – two thirds of whom work outside of London.

The city has become increasingly alarmed by the prospect of a tough Brexit, with a variety of international banks, insurers and asset managers who set up contingency plans to continue serving their clients in the EU after 29 March.

Since the Brexit vote in 2016, trade groups in the sector have argued for a long transition period to allow them to adapt to life without a passport – the EU internal market for financial services.

Led by Miles Celic, the chief executive, TheCityUK has repeatedly warned about the impact of a disruptive departure from the EU on British industry and on European companies financed by UK-based services.

Earlier this month, Chancellor Philip Hammond tried to soften the fears of the sector in a speech to the annual dinner of TheCityUK.

Mr Tucker, who became the chairman of HSBC last year, will be seen as a logical choice to succeed Mr McFarlane.

As a former chief executive of Prudential, the FTSE-100 insurer, he spent five years as chairman of AIA Group, the Hong Kong-based insurance company, before returning to London.

Mr. Tucker is also chairman of Discovery, a South African insurance company.

In TheCityUK, where he already sits on his advisory board, he will help shape the organization's policy contributions in a number of areas, including attempts to preserve the international competitiveness of the industries it represents.

The board members of the group include Rajesh Agrawal, the deputy mayor of London for business, and Craig Donaldson, the fighting president of Metro Bank.

TheCityUK is also expected to appoint a replacement for Paul Manduca, the chairman of Prudential, as chairman of the advisory board later this year.

TheCityUK could not be reached for comment on Sunday.

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