Standard Chartered chairman appointed Trade Minister

by Gill Montia

Story link: Standard Chartered chairman appointed Trade Minister

The chairman of Standard Chartered bank has been appointed Trade Minister.

In his new role, Mervyn Davies will be working alongside Peter Mandelson who holds overall responsibility for the Department for Business, Enterprise & Regulatory Reform.

The 56-year-old is replacing Digby Jones, who stepped down in December and according to a Government spokesman, will bring to the post expertise and knowledge of the international financial and business worlds.

Mr Davies was involved in drawing up October’s bail-out of the UK’s banks and his appointment is seen as strengthening Prime Minister Gordon Brown’s team, which may have to deal with a second recapitalisation programme in the weeks ahead.

He has been chairman of Standard Chartered since 2006, having joined the emerging markets bank in 1997.

Mr Davies is also a non-executive director of Tottenham Hotspur football club and is already a member of the Business Council for Britain, which was set up in June 2007 to advise the Government on how it can best promote the long-term health of the UK economy.