HSBC names CFO Elhedery as next chief executive

HONG KONG

HSBC on Wednesday named chief financial officer Georges Elhedery as the bank's next chief executive to drive "the next phase of development and growth."

The new boss will take the helm on Sept. 2, the bank said, as it looks to push on with a transformation undertaken by current CEO Noel Quinn, who announced his shock retirement in April.

"I am delighted to confirm Georges as the next HSBC Group chief executive," group chairman Mark Tucker said in a filing to Hong Kong's stock exchange.

Elhedery, 50, joined HSBC in 2005 and previously held the role of Co-CEO of Global Banking and Markets before being appointed chief financial officer in January 2023.

Quinn, 62, oversaw a transformation of the London-headquartered lender and saw record profits during almost five years in charge.

Under him, the firm has accelerated a years-long pivot to Asia -- where it generates most of its revenue -- vowing to develop its wealth business and target fast-growing markets.

The bank has concluded the sales of its Canadian operations and its retail bank operations in France. It will also sell its Argentina division.

Quinn last year led the effort to repel a bid by major shareholder Ping An to spin off its Asia assets, with the proposal eventually voted down by shareholders.

The break-up bid highlighted HSBC's precarious position amid U.S.-China tensions, with some observers questioning whether Europe's largest lender can continue to straddle East and West.