Georges Elhedery, who became HSBC's chief financial officer (CFO) last year, will move into the chief executive role (CEO) on September 2, the bank announced on Wednesday (July 17). This change underscores HSBC's preference for continuity as it seeks to stimulate growth and maintain its strong performance, particularly in its Asian markets.

Elhedery replaces Noel Quinn, who announced his resignation in April after 37 years with the bank and five as CEO. Sir Mark Tucker, HSBC's chairman, said Elhedery had shown strategic insight and vision, and deep international perspectives during the bank's search for a new CEO. He is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people, Tucker added.

Lebanon-born Elhedery, who began his career in banking as a rates trader before joining HSBC in 2005, was named the surprise successor to Ewen Stevenson as CFO in October 2022, just weeks after returning from a sabbatical. He also led HSBC's Middle Eastern, North Africa, and Turkiye region as the CEO of that division between July 2016 and February 2019.

Since 2020, Elhedery has been the co-head of the Global Banking and Markets business, the division that houses HSBC's trading and investment banking advisory businesses. His extensive experience spans across Asia, the Middle East, and Europe, having held significant leadership roles in these regions.

HSBC, Europe's largest lender by assets with a balance sheet of $3 trillion, places a strong focus on its historic ties to Asia. The bank has already shrunk its global footprint by about a quarter since the 2008 financial crisis, exiting low-growth markets to redirect capital and resources into Asia. This focus remains despite current challenges like geopolitical tensions and economic instabilities, particularly in China.

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, Elhedery said in the bank's statement announcing his appointment. The bank remains committed to leveraging its historical ties to Asia for growth, even as it navigates a complex landscape including geopolitical tensions and economic challenges.

Quinn, who led the global lender for five years, oversaw a raft of asset sales, navigated a global pandemic, and a push by rebel investors to break up the 160-year-old bank, ultimately guiding the lender to record profit. His tenure also saw HSBC's shares rise 7% this year, against an 18% gain in the STOXX Europe banks index.

HSBC said it will announce Elhedery's successor as Group CFO in due course. Ahead of the announcement, the bank was exploring financial incentives and reallocating key projects to retain those who miss out on the top job, according to sources.

Meanwhile, HSBC's Zing app recently teamed with Visa to help develop the former company's international payments app, launched in the United Kingdom in January. The app lets members hold funds in up to 10 different currencies, send more than 30 currencies, and transact in over 200 countries and territories.

We shared a clear vision with our partners at Visa—that people across the globe want easy-to-use, secure, and trustworthy financial products that enable them to live their best international lives, said James Allan, CEO and founder at Zing.

The strategic leadership by Georges Elhedery aims to blend continuity with innovation, focusing on the bank's established strengths while navigating new challenges in its global market.