HSBC has named its finance chief, Georges Elhedery, as its new chief executive, handing the reins to an international bank veteran as the global lender steels itself for fresh tensions between the US and China.
Elhedery, who will take on the post in September, will replace Noel Quinn, who in April made the unexpected announcement that he was stepping down after an “intense” five years in charge.
It continues a long tradition of HSBC appointing insiders to the top role, including Quinn, who began his career in 1987 at the bank which was previously known as the Midland.
Elhedery joined HSBC in 2005 and has held roles including co-chief executive of its global banking and markets division, and head of HSBC’s operations in the Middle East, north Africa and Turkey regional business between 2016 and 2019.
He was hired at the bank after a four-year stint at Goldman Sachs in the early 2000s, having launched his career with Banque Paribas in Tokyo in 1997.
His latest promotion as HSBC chief executive comes just 18 months after he took over as chief financial officer in January last year.
HSBC said Elhedery’s appointment was the result of an “orderly and robust succession process”, which also considered external candidates. Its chair, Mark Tucker, who led the search, said Elhedery was the “outstanding candidate” who had a record of “driving growth, delivering simplification and containing costs”.
The Lebanese-born and Mandarin-speaking banker was also praised by bosses for his “deep international perspectives”, which are likely to come into play as he navigates fresh tension between the Washington and Beijing.
The bank, which makes the bulk of its profits in Asia, will be sensitive to any aggressive rhetoric from Donald Trump if the former president and his recently selected running mate JD Vance win the US leadership race in November.
“We look forward to working together as he leads HSBC through the next phase of development and growth,” Tucker said of Elhedery’s appointment.