HSBC Middle East has appointed a new chairman of the boards to replace David Eldon, who is stepping down this month.
Samir Assaf, currently serving as the bank’s chairman of corporate and institutional banking, will assume his new position on May 1, the bank said on Thursday.
His predecessor, Eldon, who has been with the bank in the Middle East for more than 50 years, will step down at the end of April. Eldon has been serving as chairman for almost ten years.
The bank said Assaf has a wealth of international banking experience, as well as a deep understanding of the Middle East market.
The bank has presence in various markets around the world.
HSBC Holdings’ pre-tax profit plunged 34 percent to $8.78 billion in 2020. As of the third quarter last year, income at nearly all of HSBC’s MENA business segments improved on a quarterly basis, according to a report from S&P Global.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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