- Ten-second biography
Davies is the former chief executive and chairman of Standard Chartered, the London-based international bank. Last month he was appointed trade minister as Gordon Brown stepped up his efforts to rescue Britain's banking sector. Davies has taken over the responsibilities of another 'Goat' - former trade minister Lord Digby Jones.
A Welsh speaker brought up in Colwyn Bay, he followed his father into banking at what was then Midland Bank in Liverpool. He went on to spend ten years at Citibank, before joining Standard Chartered in 1993.
- Where does he sit politically?
Davies has not previously worked in politics and is not known to have any strong political leanings. However, given his background, it is a fair bet that Davies will not be associating with those MPs on Labour's hard left.
- Why he is one to watch
The appointment of Davies comes after months of uncertainty over the Government's £37bn bail-out of the banks. Davies, who was awarded a CBE in 2002 for services to the financial sector, was one of the architects of the original banking bail-out in the autumn and his abilities are set to be called on again.
- Something I may not have known
Davies is also a non-executive director of Tottenham Hotspur FC.