As one door closes, another one opens.
On Wednesday, HSBC unveiled Georges Elhedery as its new group chief executive. He will succeed Noel Quinn, who leaves after five years as CEO with his reputation and status as one of the venerable UK lender’s best leaders assured.
Elhedery is a lucky man. Sure, the 50-year-old, Lebanon-born banker has earned his fortune. Born in war-torn Beirut, he moved to Paris to study engineering, staying to gain a post-graduate degree in statistics and economics before entering the world of banking.
He joined London- and Hong Kong-listed HSBC in 2005 as a senior global markets executive before moving to Dubai, where he rose through the ranks to become Middle East, North Africa and Turkey CEO. After a six-month sabbatical in 2022, he rejoined the lender as chief financial officer, replacing Ewen Stevenson.
A keen linguist known for fitting in 10-kilometre runs before work, Elhedery was the obvious choice for the top job – though he was not the only candidate considered by the bank's chairman Mark Tucker.
Tucker is understood to have approached Lloyds Banking Group chief executive Charlie Nunn, a former HSBC executive.
