Georges Elhedery: HSBC’s heir apparent
Georges Elhedery had only been back from sabbatical for just over a month when HSBC cast him as heir apparent to the chief executive.
He had returned in September from six months of “personal development”, which included learning some mandarin, in what seemed a rare hiatus for such a senior banker.
Weeks later, HSBC announced that the 48-year-old would replace Ewen Stevenson as chief financial officer from January, a step up from his previous role as co-head of the investment bank and a clear signal he was ahead in the race for the top job.
In the brief period between returning from sabbatical and third-quarter results, Elhedery worked closely with Quinn on special projects, the details of which have not been divulged. Before his break, he led work on digital assets and was involved with a project on central bank digital currency.
The shake-up at HSBC and Elhedery’s ascent comes as the bank is increasingly torn between China and the west and as its largest shareholder Ping An, the Chinese insurance company that has more than an 8 per cent stake in the bank, calls on it to spin off its Asia business.
“HSBC is positioned as a bridge between East and West — sadly for them the gulf between the two has widened sharply in the last year or more. Not easy!” said Young at Abrdn.
Elhedery will be based in London as chief financial officer. And while his HSBC career spans 17 years, Elhedery has not run a business in Asia for the bank, which could prove another challenge, amid calls from Ping An to focus on the region.
The insurer this week complained that a number of senior HSBC bankers did not have sufficient experience of working in Asia while making its calls for a split public for the first time.
Fostering good relations with Ping An will almost certainly be high on Elhedery’s to-do list. At the very least, it will be a chance for him to put the mandarin he picked up during sabbatical to good use.
This story originally appeared on: Financial Times - Author:Emma Dunkley
