The new CEO, who is taking up the role from the start of September, was previously its chief financial officer, joining the bank in 2005.

HSBC has appointed one of its own senior figures, Georges Elhedery, as group chief executive to take over from Noel Quinn, effective from 2 September.

The UK/Hong Kong-listed bank, which reports second-quarter results on 31 July, said it chose Elhedery after examining a range of internal and external candidates.

At the lender since 2005, Elhedery joined the board as chief financial officer in 2023.

“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,” group chairman Sir Mark Tucker said in a statement yesterday.

Since joining the board as group CFO and and throughout the selection process, Elhedery “has demonstrated his strategic insight and vision, and deep international perspectives,” Sir Mark said.

Including his 19 years at the bank, Elhedery has worked in financial services for almost three decades. His experience covers stints in Asia, the Middle East and Europe. 

When Quinn announced his retirement at the end of April, his decision took observers by surprise. Quinn’s tenure coincided with HSBC’s pivot towards Asia as the primary source of its earnings and the lockdowns in Hong Kong, mainland China and much of the world as Covid-19 erupted in 2020. He has also been able to fend off investor demands for the bank to be broken up. Quinn has been at the lender since 1987; he was the chief executive for an interim period before being formally appointed to the role in March 2020.

In its Q1 2024 results, HSBC said that on a reported basis, it logged a first-quarter pre-tax profit of $12.65 billion, down from $12.886 billion a year earlier. Diluted earnings per share rose to $0.54 per share from $0.52 per share. Its net interest margin slipped to 1.63 per cent from 1.69 per cent.

Shares in HSBC are up 5.2 per cent since the start of January this year, at 663 pence per share.