HSBC chairman Stephen Green has taken up a seat in the House of Lords ahead of becoming a Government minister in the new year.
Lord Green of Hurstpierpoint was one of two Tory peers introduced to the upper house, along with former minister Michael Ancram.
The new Minister of State for Trade and Investment will step down as chairman of HSBC next month after 28 years with the banking group.
Lord Green, 62, an ordained Anglican priest, will carry out his new role on an unpaid basis after helping to steer HSBC through the worst financial crisis in living memory.
Michael Ancram – a hereditary peer as the 13th Marquess of Lothian – has been given a life peerage as Lord Kerr of Monteviot after standing down as an MP at the general election in May.
His new title is based on his surname, which is Kerr. He is known as Michael Ancram because he was previously known by his courtesy title the Earl of Ancram.
Lord Kerr, 65, served as an MP for 26 years, latterly for Devizes since 1992, and was chairman of the Conservative Party from 1998 to 2001.