Former treasurer Josh Frydenberg has confirmed he won’t try to regain his blue ribbon seat, instead opting for a lucrative private sector job.

Frydenberg, who lost his inner-Melbourne seat of Kooyong to teal independent Monique Ryan last year, has been appointed chair of investment bank Goldman Sachs’ Australian business.

Hours after the firm announced his appointment on Thursday, Frydenberg reportedly wrote to Kooyong’s Liberal Party officials to confirm he’d given up any plans to try to return to politics at the next election.

“It is a difficult decision and one I have been weighing up for some time,” he said, according to a report in The Australian.

“It was an enormous privilege to serve our local community for nearly 12 years and be the Liberal Party’s candidate at the last five federal elections.

“Kooyong will always have a special place in the Liberal Party’s heart.”

Frydenberg joined Goldman Sachs as an adviser after his federal election loss.

Before the May 2022 election, he had been treasurer throughout the pandemic under the Morrison government.

He was elected to parliament in 2010 and held numerous senior portfolios, including as minister for environment and energy, before becoming treasurer in 2018. Until losing Kooyong, he had often been touted as a future Liberal leader.

Frydenberg said he was proud of the Liberal Party’s values and its achievements while he was in federal parliament.

He said he had enjoyed the opportunity to spend more time with wife Amie and their children Gemma and Blake, as well as returning to the private sector, since losing his seat.

“I will remain in touch and look forward to supporting [Kooyong Liberal federal electorate conference chair] Rod [Kemp] and our team,” he said.

“I am forever grateful for the friendship, encouragement and support you have provided me and my family over so many years.

“Thank you for giving me such a remarkable opportunity to serve.”

A statement released by Goldman Sachs on Thursday said Frydenberg would focus on “deepening and strengthening client coverage across the Australia and New Zealand region”.

“He will continue to offer advice on economic and geopolitical issues as the firm’s senior regional advisor for Asia Pacific,” it said.

Frydenberg’s appointment has strong backing in the corporate sector.

“It’s great to see leaders from the public sector like Josh transition to leadership roles in the private sector,” Woolworths chair Scott Perkins said.

“More than ever there is the opportunity to learn from the other.”

– with AAP