HSBC has appointed its new chief executive to replace Noel Quinn, who is expected to step down at the beginning of September.
The bank has announced Georges Elhedery will take over the role as the head of the bank from 2nd September.
The group’s current chief financial officer, Elhedery, had been seen as the front-runner to replace Quinn after the latter announced that he would step down in April.
HSBC’s chair, Sir Mark Tucker said Elhedery 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,” the chair added.
Elhedery said he was “deeply honoured” by the appointment.
Elhedery will be charged with helping HSBC navigate what could be a challenging period in the year ahead.
Geopolitical tensions between China and the US, as well as economic uncertainty in China, could lead to instability in the group’s key market and disrupt trade flows around the world.
In the first quarter, HSBC said pre-tax profits fell nearly two per cent to $12.7bn (£9.8bn) compared with the same period last year, slightly beating analysts’ expectations of $12.6bn (£9.7bn)