HSBC has named Georges Elhedery as its new group chief executive officer (CEO), effective from 2 September.

Having spent his career working across Asia, the Middle East and Europe, Elhedery joined the global bank in 2005 and was appointed to the board in January 2023 as chief financial officer.

Group chairman at HSBC, Sir Mark Tucker, said: "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."

He previously served as co-CEO of global banking and markets at HSBC, where he also led the markets and securities services division, leading the group’s Middle Eastern, North Africa and Turkiye region as CEO from 2016 to 2019.

As a result of the appointment, Noel Quinn will step down as group CEO and as an executive director on the board, working with Georges until 2 September to support an orderly handover.

He will also remain available to the group and Georges when on gardening leave until the completion of its 12-month notice period on 30 April 2025.

Elhedery added: "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."

Investment analyst at AJ Bell, Dan Coatsworth, concluded: "Georges Elhedery had been the favourite to get the top job at HSBC ever since Noel Quinn said he was stepping down, and confirmation that he will become the next CEO should reassure investors. He is seen as a safe choice and a solid pair of hands who already knows the business inside and out.

"Safe and boring is arguably what a bank needs, rather than a maverick visionary. Running a bank doesn’t require a thirst for innovation in the way a technology firm does; it needs someone with attention to detail, good communication skills and a sharp focus. Ultimately, Elhedery will need to ensure that each of the cogs that make up the business are running smoothly.

"While Asia is HSBC’s core focus, the new boss is a multi-linguist and has experience doing business in the Middle East which might come in handy if the bank wants to attract more of the region’s wealthy individuals. Elhedery takes the wheel of a business in a good shape, but banking is a highly competitive industry and there is still a lot more to be done to make HSBC a stronger player on the battlefield."

---