Georges Elhedery has been named the next chief executive of HSBC, taking over from Noel Quinn on September 2. Elhedery, who joined HSBC in 2005, previously held the role of Co-CEO of Global Banking and Markets before becoming the bank’s chief financial officer in January 2023. He also led the bank’s Middle Eastern, North African, and Turkish region from July 2016 to February 2019. Elhedery’s track record includes leading through change, driving growth, delivering simplification, containing costs, and focusing on execution.
HSBC Chairman Mark Tucker expressed his confidence in Elhedery, stating that he was the outstanding candidate to lead the bank through its next phase of development and growth. Elhedery, who is Lebanon-born and French-educated, expressed his honor at being chosen for the role and looks forward to delivering exceptional value to clients and investors by driving strong performance on a sustainable growth trajectory. The bank will announce the next chief financial officer in due course, and Quinn will work with Elhedery to ensure a smooth handover.
Under Noel Quinn’s leadership, HSBC saw record profits and underwent a transformation focused on Asia, where the bank generates most of its revenue. Quinn oversaw the sales of HSBC’s Canadian operations, retail bank operations in France, and the impending sale of its Argentina division. Last year, Quinn led efforts to prevent a bid by major shareholder Ping An to spin off HSBC’s Asia assets, with the proposal eventually voted down by shareholders. The break-up bid brought attention to HSBC’s position amid US-China tensions and questions about whether it can continue to straddle East and West successfully.
