City veteran Lord Gerry Grimstone has been appointed as an adviser to consultancy Bain & Co after getting the green light from Whitehall officials.

The paid appointment will see Grimstone, the former chair of Barclays and Edinburgh-based fund manager Standard Life Aberdeen, advise one of the world’s largest management consultancies on a project with the Ministry of Investment in Saudi Arabia, drawing on his knowledge of the country in previous roles he has held during his career.