UK-based banking giant HSBC has announced that George Elhadary, 50, will be its next chief executive officer. The announcement comes after current CEO Noel Quinn unexpectedly announced his retirement from the bank in April. Elhadary, who is currently the bank's finance chief, will take up his new role on September 2.
Noel Quinn worked at HSBC for 37 years and became interim chief executive officer in 2019. He took over HSBC permanently in March 2020. During his tenure, he oversaw the sale of several global businesses, including the recent sale of HSBC's operations in Canada and plans to sell the business in Argentina.
HSBC chairman Sir Mark Tucker praised Elhadary, saying, "He is an exceptional leader and banker who is deeply passionate about the bank, our customers and our people." Elhadary added, "I am deeply honoured by the trust placed in me to lead this great institution into the future."
Elhadry joined HSBC in 2005 and has held a number of high-level positions, including becoming co-head of trading and investment banking advisory operations. HSBC reported a 1.8% drop in profit for the first three months of 2024 in April, but the company achieved a pre-tax profit of $12.7 billion (£9.8 billion), which was better than analysts expected.
HSBC's current strategy is to focus on fast-growing Asian markets. The bank recently sold its Canadian and Argentine businesses. HSBC was founded 160 years ago and the bank aims to move towards stability and growth in the future while maintaining its commitment to its customers and employees.
