HSBC Middle East, a subsidiary of HSBC Group, has elevated longtime executive Georges Elhedery to the role of Chief Executive for the Middle East and North Africa (MENA). He steps into his position with immediate effect at the lender, according to a Reuters report.
Mr. Elhedery has been a mainstay at HSBC Middle East since 2005, having previously focused on the MENA region, whilst serving as its Head of Global Banking and Markets – a position he began in 2014. The promotion of Elhedery follows on the heels of Mohammad al-Tuwaijri’s departure, who parted ways with the group to join the Saudi Arabian government as deputy minister of economy and planning.
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Mr. Elhedery’s appointment also frees up a vacancy in his former role as the head of global banking and markets in the MENA – HSBC Middle East has opted to announce a succession candidate at a later date, which in the interim will not be filled with any existing group employee.
HSBC made headlines earlier this week after another one of its subsidiaries, HSBC Private Bank, promoted Joe Abruzzo as its Business Head of North America. In this capacity, Mr. Abruzzo will be tasked with steering and executing HSBC’s North American strategy for private banking with an emphasis on the United States.