Standard Chartered chairman joins UK government

Davies will be given a life peerage, allowing him to sit in the House of Lords, and will succeed Gareth Thomas, who becomes minister for trade, development and consumer affairs.

Standard Chartered's deputy chairman John Peace has taken over as acting chairman; his place as senior independent director will be taken by Rudy Markham.

Davies was chief executive at Standard Chartered from 2001 to 2006, when he was named as chairman.

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