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HSBC appoints former Turkey chief as Middle East CEO

By Chris Hamill-Stewart
HSBC's Middle East operations will be overseen from Hong Kong Alamy/Dinendra Haria via Reuters
HSBC's Middle East operations will be overseen from Hong Kong
  • Selim Kervanci takes Mena post
  • HSBC undergoing reorganisation
  • Shares rise 5% in six months

British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring.

The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval.

Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss who has led the bank’s regional operations from Dubai since April 2021.

London-based HSBC is undergoing a major operational transformation, with its profitable ‘Eastern markets’ — including operations in Asia and the Middle East, North Africa and Turkey — to be overseen from Hong Kong.

HSBC is one of the world’s largest banking and financial services organisations with assets of $2,975 billion on 30 June 2024. 

The bank’s share price is up over 5 percent in the past six months, with shares currently trading at £727.42 ($91.49).

The sweeping changes to HSBC’s business are being led by new Group CEO Georges Elhedery, who has previously spoken of trimming middle management in the bank.

“The changes will reduce the duplication of processes and decision making,” Elhedery said in the statement in October.

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