UK banking giant HSBC names new chief executive

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UK-based banking giant HSBC has announced that 50-year-old Georges Elhedery will be its next chief executive.

It comes after current CEO Noel Quinn unexpectedly announced in April that he was retiring from the bank.

Mr Elhedery joined HSBC in 2005 and is currently the firm's finance chief.

He is expected to take up his new role from 2 September.

"[Mr Elhedery] is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people," HSBC's chairman Sir Mark Tucker said in a statement.

Outgoing chief executive Mr Quinn oversaw the sale of several of the bank's businesses around the world.

He also steered HSBC through the pandemic and fought off pressure from some shareholders to break up the 160-year-old lender.