Lord Waldegrave will be the latest former politician to join UBS Warburg when he takes over the dual role of chairman of the European financial institutions group and vice-chairman within investment banking.

Waldegrave will join the bank in June. He spent 18 years in politics, between 1979 and 1997, and during that time spent seven years as cabinet minister. His other political posts included minister of housing, minister of state at the Foreign and Commonwealth Office and secretary of state for health.