HSBC sells its private banking business to BNP Paribas. Source: Shutterstock.com

Georges Elhedery has been named group chief executive of HSBC, with effect from 2 September.

Elhedery began working at HSBC in 2005 and has nearly thirty years of experience in financial services, holding a number of notable positions across the globe.

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He takes over for Noel Quinn, who is set to retire on 2 September 2024, and he will collaborate closely with Elhedery to guarantee a seamless transfer and a systematic delegation of duties.

Group chairman 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.

“During his career, he has worked in Asia, the Middle East and Europe. Since joining the board as group chief financial officer in early 2023, and throughout the selection process, he has demonstrated his strategic insight and vision, and deep international perspectives.

“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.”

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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.”

Moreover, earlier last month, as a deal to buy HSBC‘s wealth management division in Germany approaches, the Dutch bank ABN Amro is looking to grow further in the region.

ABN Amro last month inked a deal to acquire Fosun’s private bank Hauck Aufhaeuser Lampe for €672m ($730m). This merger would expand ABN Amro’s presence in Germany, the largest wealth management market in Europe.