Insider Elhedery is a continuity choice
CFO replacement to be named in due course
Outgoing Quinn oversaw raft of asset sales
HSBC London, Hong Kong shares trade flat after announcement

LONDON, July 17 Reuters HSBC Holdings Plc has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said on Wednesday, opting for continuity as it tries to kickstart growth.

Elhedery, 50, who becomes HSBC39;s third chief executive in less than eight years, will replace outgoing head Noel Quinn from Sept. 2. While the 160yearold lender did consider external candidates, it has traditionally appointed its CEO from within.

For most investors, continuity is essential, especially after the battles HSBCs board has been through in recent years, to persuade shareholders that its strategy is right, said Matt Britzman, equity analyst at Hargreaves Lansdown.

Elhedery39;s appointment comes as the bank tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer.

Iain Pyle, senior investment director at HSBC shareholder abrdn, said Elhedery had made a good impression on the market over his 18months as finance chief, and was a clear communicator.

It39;s a continuity appointment, but a strong candidate and I think will be taken well today, he said.

HSBC defeated a resolution last year backed by Chinese insurance giant Ping An and other Hong Kongbased shareholders who were seeking a spinoff…