Prudential has kicked off the search for a successor to chair Baroness Shriti Vadera as the Asia-focused insurance group draws up a succession plan for the former government minister.

Vadera, a City veteran and former Labour business minister, became chair of Prudential in 2021 and can serve in the role until 2030. Prudential’s move comes as the dual-listed group steps up efforts to compete with fast-growing Asian rival AIA. It has turned to Spencer Stuart, the recruiters, to hunt for Vadera’s eventual replacement.

Vadera was among City grandees approached for the role of chair at HSBC, which is also listed in London and Hong Kong, but has ruled herself out of the process, according to people familiar with the situation. The offer came as HSBC bank grapples with chair Sir Mark Tucker’s early departure to AIA.