HSBC, the UK-based banking giant, has appointed Georges Elhedery, aged 50, as its next chief executive, succeeding Noel Quinn, who unexpectedly announced his retirement in April.
Georges Elhedery, who joined HSBC in 20HSBC’sits finance chief, will assume the CEO role on September 2nd.
HSBC Chairman Sir Mark Tucker expressed confidence in Elhedery, describing him as “an exceptional leader and banker who c”res passionately about the Bank, our customers, and our people.”
“I am deeply honoured by the trust pla”e” in me to lead this great institution into the future,” said Mr Elhedery in response to his “appointment.
During his tenure at HSBC, Elhedery has held various significant roles, including co-heading the division responsible for trading and investment banking advisory operations.
Noel Quinn, who has been with HSBC for 37 years, initially took on the CEO role on an interim basis in 2019 and assumed it permanently in March 2020. Under his leadership, HSBC undertook significant business divestitures, including the recent completion of sales in Canada and plans for a similar exit from Argentina to focus on faster-growing Asian markets.
Quinn also navigated HSBC through the challenges posed by the COVID-19 pandemic and resisted pressures from major shareholders to split the bank, particularly amid geopolitical tensions between the US and China.
In its latest financial report for the first quarter of 2024, HSBC reported a slight decline of 1.8% in pre-tax profit compared to the previous year, amounting to US$12.7 billion, slightly better than market expectations.
HSBC is scheduled to announce its second-quarter financial results by the end of this month.
