HSBC's Elhedery to base in Hong Kong for first quarter, Bloomberg reports

HSBC (0005) chief executive Georges Elhedery plans to base himself in Hong Kong for much of the first quarter next year, Bloomberg News reported, citing people familiar with the matter.

Elhedery is expected to remain in Asia for about three months until moving back to Europe before the summer, reducing the frequency of long-haul travel between Asia and Europe, the report said.

The news comes as the London-based lender is set to complete its HK$106 billion privatization of Hang Seng Bank in January, its largest acquisition since the early 2000s.

A spokesperson for HSBC told Bloomberg that the group chief executive is headquartered in the UK but frequently spends time with clients and colleagues in Hong Kong and other key markets.