Clementi tipped for Bank deputy job

Sameena Ahmad

David Clementi, one of the key advisers in the Tories' privatisation programme, yesterday refused to comment on a report that he was due to be appointed as deputy governor of the Bank of England this week, putting him in line to replace Eddie George as Governor.

The report said that Mr Clementi, chief executive of investment banking at Dresdner Kleinwort Benson, is expected this week to replace Howard Davies, who is leaving the Bank of England to become head of the new "super" Securities and Investments Board.

As deputy governor, Mr Clementi would become effective chief executive of the Bank of England, with Mr George, whose term ends next summer, as chairman.

Speaking from his home yesterday, Mr Clementi, who has headed the securities and corporate finance divisions of Kleinwort Benson, said: "I have absolutely no comment to make and you must respect that. I have not even seen the press reports."

David Clementi made his name in 1984 when he was key adviser on the privatisation of British Telecom.

He later advised on the flotations of Cable & Wireless, British Gas, the 12 regional electricity companies, the National Grid, PowerGen and National Power.

It is understood that Gavyn Davies, chief economist at Goldman Sachs, who was tipped to take the deputy governor's job and succeed Mr George next summer, is unlikely to be appointed.

Mr Clementi's appointment to the Bank is likely to further hit morale at Kleinworts, already shaken by the abrupt departure of its chairman, Simon Robertson, in February.