The Labour MP Keith Vaz, who was facing suspension from the House of Commons for six months after he was found to have “expressed willingness” to purchase cocaine for sex workers, has announced he will not be standing for re-election.

Vaz, 62, announced his retirement from parliament in a statement on Sunday evening.

He said: “I have decided to retire after completing 32 years as the member of parliament for Leicester East. In that time I have won eight general elections. It has been an honour and a privilege to serve my constituency since I came to the city in 1985.

“I want to thank the people of Leicester East for their absolute loyalty and support. Leicester and especially the people of Leicester East will always be in my heart.”

The Labour leader, Jeremy Corbyn, said: “Keith Vaz was among the pioneering group of black and Asian Labour MPs elected in 1987. I was proud to support his selection and incredibly proud when he won, taking the seat from the Tories.

“Keith has made a substantial and significant contribution to public life, both as a constituency MP for the people of Leicester and for the Asian community across the country. He has helped to pave the way for more BAME people to become involved in politics.

“His work in parliament has been exemplary, as Britain’s first Asian origin minister, chair of the home affairs select committee, a campaigner on diabetes issues and most recently trying to help the peace process in Yemen. Our work to combat racism and bring our diverse communities together is far from over.”

The Leicester East MP’s resignation comes after the standards committee found he “caused significant damage to the reputation and integrity of the House of Commons”, forcing him to face an automatic recall petition.

Vaz faced an inquiry into claims published in the Sunday Mirror in 2016 that he had offered to buy drugs for male escorts while pretending to be an industrial washing machine salesman. Following the newspaper sting, Vaz denied he intended to engage in paid-for sex, claiming the purpose of the meeting was to “discuss the redecoration of the flat in which the meeting took place”.

The inquiry found the MP’s explanation, which included that he had amnesia and could not remember key events, to be “not believable and, indeed, ludicrous”. Vaz was banned from parliament for six months.

There were calls for Vaz’s resignation from within Labour’s national executive committee, with the shadow home secretary, Diane Abbott, saying: “I think he should consider his position. I think he himself should agree not to be a candidate.”

The Labour MP had previously been found to be in serious breach of the MPs’ code of conduct and in contempt of the house with the standards committee recommending his suspension for a month in 2002 for “perverting the course of justice”.