Sherard Cowper-Coles, HSBC Holdings Plc’s former head of public affairs, is reportedly considering a senior role at the Asian Infrastructure Investment Bank (AIIB) in Beijing, according to people familiar with the matter, as reported by Bloomberg.
Cowper-Coles, who previously drew attention for criticizing the U.S. for pressuring the U.K. to reduce its dealings with China, could join the Chinese-led lender that was established in 2016 as a counterweight to Western-dominated institutions like the World Bank and the International Monetary Fund. The sources, who requested anonymity to discuss non-public information, emphasized that the process is ongoing and there is no certainty Cowper-Coles will ultimately accept the position. HSBC and Cowper-Coles declined to comment, and the AIIB did not respond to requests for comment.
Since its inception, AIIB has aimed to position itself as a major international development bank, focusing on infrastructure projects, particularly those linked to green initiatives. Headquartered in Beijing, the bank initially drew scrutiny from the U.S. and some allies, who viewed it as a vehicle to advance China’s foreign policy interests. Over the years, AIIB has expanded to include more than 100 member countries, with the U.K. among its founding members.
Cowper-Coles’ career has included 30 years in the U.K. Foreign Office, with postings as ambassador to Israel, Saudi Arabia, and Afghanistan. He joined HSBC in 2013, advising senior executives on geopolitics and overseeing global public policy and government relations. After stepping down as head of public affairs, he briefly ran his own consulting firm and continued with HSBC in a part-time advisory role.
His appointment would follow in the footsteps of other senior British figures involved with AIIB, including former politician Danny Alexander, who helped establish the bank before joining HSBC in 2024 as head of infrastructure finance and sustainability.
In a 2023 closed-door event in London, Cowper-Coles caused a stir by suggesting that the U.K. should pursue its own interests rather than automatically following Washington, comments for which he later apologized.
Bloomberg first reported on Cowper-Coles’ potential move to AIIB, highlighting the ongoing discussions and the broader geopolitical implications of senior Western figures joining China-led financial institutions.
