‘More politicised than any other bank’: HSBC’s new boss prepares to ride the Chinese tiger

‘More politicised than any other bank’: HSBC’s new boss prepares to ride the Chinese tiger

Georges Elhedery learned Mandarin in preparation for the top job, a sign that he grasps exactly where his lender’s strength and weakness lie

When a handful of Hong Kong journalists dialled in to a media call with HSBC bosses in February, Georges Elhedery took them by surprise. In a momentary distraction from the bank’s 80% drop in annual profits, the chief financial officer issued greetings in Mandarin.

It put Elhedery’s newly acquired language skills – built up during a six-month sabbatical in 2022 – to a public test. But it also demonstrated his ambition: notably, that he would not let a relative lack of experience in China, where the bank makes the bulk of its profits, get in the way of his ascent at HSBC.

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