HSBC Appoints Georges Elhedery as New Group Chief Executive

HSBC Holdings Ltd has named Georges Elhedery as its new group chief executive, effective from September 2. Elhedery, the current chief financial officer, will replace Noel Quinn who led the bank for five years. The change coincides with HSBC's strategy to boost its profitability in Asia.

HSBC Holdings Ltd announced on Wednesday the appointment of Georges Elhedery as its new group chief executive, effective September 2.

Currently serving as HSBC's chief financial officer, Elhedery, who has been with the bank since 2005, will succeed outgoing head Noel Quinn. Quinn, who led the global lender for five years, will continue as CEO until Elhedery steps into the role. He has agreed to remain available until April 30, 2025.

Elhedery will be HSBC's third CEO in under eight years. During his tenure, Quinn oversaw significant asset sales, guided the bank through a global pandemic, countered investor pressure to break up the 160-year institution, and led it to record profits.

This leadership change comes as HSBC, Europe's largest bank by assets with a $3 trillion balance sheet, seeks to leverage its historical ties to Asia to boost profitability. Since the 2008 financial crisis, HSBC has reduced its global footprint by around 25%, exiting lower-growth markets to focus capital and resources on Asia.

(With inputs from agencies.)