Mumbai, July 18: The HSBC Bank (Hong Kong and Shanghai Banking Corporation Limited) announced internal candidate Georges Elhedery as its next chief financial officer on July 17. The decision comes after former CEO Noel Quinn's retirement in April this year. Georges Elhedery will become the third CEO appointed to the multinational corporation in less than eight years. Let's know key things about the newly appointed HSBC CEO. 

Group Chairman Mark Tucker announced, "I am delighted to confirm Georges as the next HSBC Group chief executive. The Board concluded that Georges was the outstanding candidate, and we look forward to working together as he leads HSBC through the next phase of development and growth." Elhedery will take over on September 2. He is currently the Chief Financial Official (CFO) and has been associated with HSBC since 2005. Quinn has committed to staying on until the completion of his 12-month notice period, which concludes on April 30, 2025. Noel Quinn Steps Down As HSBC CEO After Five Years of Service.

Who Is George Elhedery?

Georges Elhedery grew up with a retail banker father and a teacher mother. Elhedery, born during Lebanon's civil war, moved to Paris to study engineering at the École Polytechnique and took a postgraduate degree in statistics and economics. According to Reuters, he began his banking career as a rates trader in the Global Banking and Markets division, where HSBC houses its trading and investment banking advisory businesses. HSBC Suspends London Based Senior Executive Who Said Climate Change Is Being Exaggerated: Report.

Georges Elhedery at HSBC

Georges Elhedery joined HSBC in 2005 to provide financial services mainly to Middle Eastern and African businesses. In 2016, he led the Middle East, North Africa, and Turkey region, managing 10,000 staff across the bank's divisions. By 2020, after 15 years in Global Banking and Markets, Elhedery had become co-head, succeeding Samir Assaf. He reportedly aced Mandarin before being appointed as CFO. UK investors favoured Elhedery's commitment to achieving current objectives rather than implementing significant strategic changes.

(The above story first appeared on LatestLY on Jul 18, 2024 09:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).