HSBC announced on Wednesday the appointment of CFO Georges Elhedery as Chief Executive Officer, replacing Noel Quinn, whose departure was announced three months ago.

Georges Elhedery, who joined the bank in 2005 and has worked in Asia, the Middle East and Europe, had been CFO since 2003. He will take up his new post on September 2.

His promotion brings to an end a search for candidates that began at the end of April, when the Group announced the sudden departure of Noel Quinn, also an in-house executive, after five years as CEO.

Sir Mark Tucker, Chairman of the Board of Directors, highlights Georges Elhedery's leadership in strategic change, the ability to generate growth, simplify structures and reduce costs.

As head of the bank, he will earn a base salary of £1.38 million per annum, an annual allowance of £1.70 million and a retirement allowance of £137,000 per annum, in addition to variable remuneration.

On the London Stock Exchange, HSBC shares were little changed (-0.2%) on Wednesday morning following this announcement.

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