Investment banker, Mr David Clementi is to become deputy governor of the Bank of England, the British government announced yesterday. Mr Clementi (48), vice-chairman of Kleinwort Benson, will take over from Mr Howard Davies, who is leaving to head up the enlarged City regulator SIB, on September 1st and will serve a five-year term.

Mr Clementi first came to prominence as one of the architects of the Conservative privatisation programme. He is credited with salvaging the sell-off of the electricity industry, one of the most difficult and complex privatisations. - (PA)