HSBC 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.”

Mr Elhedery joined HSBC in 2005 and was appointed to the board and as group CFO in January 2023. He previously served as co-CEO of global banking & markets, where he also led the markets & securities services division. He led the group’s Middle Eastern, North Africa and Turkiye region as CEO from July 2016 to February 2019.

He said: “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.”

Mr Elhedery will continue in the role of group CFO during the transition period, and an announcement in relation to his successor will be made in due course.

HSBC has confirms that Noel Quinn will step down as group chief executive and as an executive director of the board with effect from 2 September. Until then, Mr Quinn will work closely with Mr Elhedery to support a smooth and orderly handover of responsibilities. He will remain available to the group and to Mr Elhedery when on gardening leave until the completion of his 12-month notice period on 30 April 2025.