Lord Green is to step down from a financial services industry body amid claims HSBC enabled tax avoidance while he was in charge.
A former trade minister in the coalition government, the peer will step down as chairman of TheCityUK's Advisory Council with immediate effect.
He was the chairman of HSBC from 2006 to 2010, and is facing considerable pressure to answer questions about the behaviour of the bank's Swiss division.
Sir Gerry Grimstone, who will be succeeding Lord Green in his TheCityUK role, said: "Stephen Green is a man of great personal integrity who has given huge service to his country and the City.
"He doesn't want to damage the effectiveness of TheCityUK in promoting good governance and doing the right thing, so has decided to step aside from chairing our Advisory Council."
Sir Gerry also stressed that Lord Green's departure "was entirely his own decision".
In a speech to the Welsh Labour conference in Swansea, Ed Miliband will warn that "he will not back down" in his campaign on tax avoidance.
The Labour leader will also launch a fresh attack on the Prime Minister, who he claims is "turning a blind eye" to the practice, which mainly benefits the rich and powerful.
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