Former Co-Op Bank boss Paul Flowers has been charged with two counts of possession of a class A drug and one of a class C drug.
The former Methodist minister was arrested in Liverpool by West Yorkshire Police officers last year.
A police spokesman said: "Paul Flowers, 63, of Hollingwood Drive, Bradford, has been charged with two offences of possession of a class A drug and one offence of possession of a class C drug.
"He has been bailed to appear before Leeds magistrates on May 7."
Mr Flowers stepped down as chairman of the Co-Op bank in June last year.
Clare Stevens, from the CPS' Yorkshire and Humberside Complex Casework Unit, said: "We have carefully considered a file of evidence gathered by West Yorkshire Police in relation to alleged criminal offences committed by Paul Flowers in Bradford in November 2013.
"Following a review of the evidence, I have concluded that there is sufficient evidence and it is in the public interest to charge Paul Flowers with possession of class A and class C drugs relating to an incident on November 9 2013."
Paul Flowers will appear at Leeds Magistrates' Court on May 7.
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