HSBC names new boss

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". "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. "The Board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth." Elhedery will take over on September 2 from current CEO Noel Quinn, who announced his retirement in April. Elhedery 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. The Lebanon-born, French-educated banker also led the bank's Middle Eastern, North Africa and Turkey region from July 2016 to February 2019. Before assuming the role of CFO in 2023, Elhedery had a six-month sabbatical that included spending time learning Mandarin, according to Bloomberg News. Elhedery has a "track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution," Tucker said. Elhedery said he was "deeply honoured" by HSBC's trust. "Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory," he said in the filing. HSBC said it would announce the next chief financial officer in due course. Quinn would work with Elhedery to ensure a "smooth and orderly" handover before stepping down, the bank added. Quinn, 62, oversaw a transformation of the London-headquartered lender and saw record profits during almost five years in charge. Under him, the bank 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 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 US-China tensions, with some observers questioning whether Europe's largest lender can continue to straddle East and West. (AFP)