HSBC has appointed its chief financial officer Georges Elhedery as its chief executive.
Although the global bank did consider external candidates, it opted to stick with tradition and promote from within.
Mr Elhedery has only been HSBC's chief financial officer for two years. Before he was co-head of the global banking and markets business, which accounted for 24 per cent of the group's revenue last year.
Born in Lebanon, Mr Elhedery began his career in banking as a rates trader before joining HSBC in 2005.
In his time at HSBC, he has also led the bank's Middle Eastern, North Africa and Turkey regional divisions.
Three years ago, he told The National's Arab Showcase series about his childhood in war-torn Beirut and the influence his father had on his upbringing.
“My Dad said that if I worked hard in my school and university years, all options would be available to me,” he said.
Somewhat prophetically, Mr Elhedery told The National three years ago that “you cannot stand still, you have to be on the front foot and take your destiny in your hand”.
Mr Elhedery will take up the chief executive position at the beginning of September, succeeding Noel Quinn, who will work closely with him to “ensure a smooth transition and an orderly handover of responsibilities”, HSBC said.
HSBC was quick to emphasise the “smooth transition” and continuity that Mr Elhedery's appointment represents. Analysts agreed that at a time when HSBC is moving from restructuring to a growth phase, a steady hand on the tiller was the best move.
“For most investors, continuity is essential, especially after the battles HSBC’s board has been through in recent years, to persuade shareholders that its strategy is right,” said Matt Britzman, equity analyst at Hargreaves Lansdown.
HSBC group chairman Mark Tucker described Mr Elhedery as 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.”
Mr Elhedery originally studied engineering in Paris but moved to the trading floor in Germany.
My Dad said that if I worked hard in my school and university years, all options would be available to me
Georges Elhedery,
CEO, HSBC
He spent 10 years in Dubai, where he was named in the Financial News 40 Under 40 Rising Stars list.
“I am deeply honoured by the trust placed in me to lead this great institution into the future,” Mr Elhedery said on accepting the chief executive role.
“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.”
China challenges
HSBC, which is Europe's largest lender by assets and has $3 trillion on its balance sheet, is looking for opportunities in Asia to enhance its profits.
Most of the group's revenue originates in Asia, as HSBC has spent the last 15 years ploughing resources into the region while at the same time exiting markets it deemed as being low-growth.
Given that, Mr Elhedery's relative inexperience in Asia raised some eyebrows. Others though, like Stanley Tsai, founder of Hong Kong-based investment advisory firm Antler Capital, were not surprised by the appointment.
“Some investors might've wanted someone with more direct Asia experience, especially with the Greater China portfolio, but it’s always been the non-Asia business that has presented the most overwhelming challenges,” he said.
It is thought that Mr Elhedery learnt Mandarin during a recent six-month sabbatical.
HSBC is particularly sensitive to the geopolitics between the West and Beijing and one of Mr Elhedry's first tasks will be managing the bank's exposure to China's lingering bad loans crisis, which led to a $3 billion impairment charge on HSBC's stake in Bank of Communications.
“While Asia is HSBC’s core focus, the new boss is a multi-linguist and has experience doing business in the Middle East which might come in handy if the bank wants to attract more of the region’s wealthy individuals,” said Dan Coatsworth, investment analyst at AJ Bell.
“Elhedery takes the wheel of a business in a good shape, but banking is a highly competitive industry and there is still a lot more to be done to make HSBC a stronger player on the battlefield.”
HSBC's shares, though slightly down on Wednesday morning, have risen 7 per cent over the past year, but have lagged behind the STOXX Europe banks index.
Shore Capital has a buy recommendation on HSBC shares, stating that the bank “now offers the most upside of the large UK banks we cover”.
HSBC is due to publish its latest results at the end of the month.
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The%20specs
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MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
More from Neighbourhood Watch:
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Killing of Qassem Suleimani
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
