HSBC’s chief financial officer Georges Elhedery will take over as chief executive in September, the bank has announced.
Mr Elhedery will succeed Noel Quinn in the role after Mr Quinn announced his retirement from the bank in April.
HSBC chairman Sir Mark Tucker said in a statement: “I am delighted to confirm Georges as the next HSBC Group Chief Executive.
“He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people. He has a track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution.
“During his career, he has worked in Asia, the Middle East and Europe. Since joining the Board as Group Chief Financial Officer in early 2023 and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.
“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.”
Mr Elhedery joined HSBC in 2005 and was appointed to the board and as chief financial officer in January 2023.
He previously served as co-chief executive officer of global banking & markets, and led the bank’s Middle Eastern, North Africa and
Turkey region as chief executive from July 2016 to February 2019.
Mr Elhedery said: “I am deeply honoured by the trust placed in me to lead this great institution into the future.
“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.”
Mr Elhedery will continue in his current role until he officially takes over as chief executive on September 2, the bank said.
He succeeds Mr Quinn, who announced his retirement from the bank unexpectedly after an “intense” five years in the role.
Mr Quinn said it had been a “privilege” to lead the business but that now is the “right time” for him to retire and lead a more balanced life.
“I never imagined when I started 37 years ago that I would have the honour of becoming group chief executive of this great bank,” he said.
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life.
“I intend to pursue a portfolio career going forward.”