STORY: HSBC named a new CEO on Wednesday.
As is tradition for the lender, it promoted from within, with Chief Financial Officer Georges Elhedery chosen for the role.
The 50 year-old becomes HSBC's third chief executive in less than eight years.
Elhedery became CFO close to two years ago, and before that he was co-head of HSBC's Global Banking and Markets business.
He will replace outgoing head Noel Quinn from September 2, after he led the banking giant for five years..
Quinn oversaw a raft of asset sales, navigated the global pandemic and a push by rebel investors to break up the bank.
He also guided the lender to record profit.
Now the new hire comes as HSBC bets on its historic Asian ties to ramp up profit.
The bank has shrunk its global footprint by around a quarter since the 2008 global financial crisis.
It has left low-growth markets to plow capital and resources into Asia, which makes up most of its revenues and profits.
But analysts say there are challenges to that strategy, as it makes HSBC highly sensitive to any fallout between China and the West.
Growth has also slowed in key market China as it struggles to drive an economic recovery.
Elhedery will also have to manage HSBC's exposure to Beijing's bad loans crisis, which led to a shock $3 billion impairment charge for the bank last February.
HSBC shares traded broadly flat after the announcement.
