(Bloomberg) -- HSBC Holdings Plc’s co-head of its global banking and markets business returned to the bank Monday after a six-month sabbatical, and will initially work on projects directly for CEO Noel Quinn.

Georges Elhedery will retake the reins at HSBC’s global markets business after working alongside Quinn for the next couple of months, according to a memo seen by Bloomberg News.

“In light of the fact that I have been on sabbatical, I have agreed with Noel that I will spend the next two months updating myself on enterprise-wide matters and supporting him on a few Group projects,” said Elhedery in a memo to staff. 

A spokesman for HSBC confirmed the contents of the memo.

Co-chief Greg Guyett, who has had sole charge of the unit during Elhedery’s absence, will continue to run the business singlehandedly for the next two months, the bank told staff. Elhedery, who is based in London, said he expected to travel to Asia to “connect” with colleagues he hadn’t seen in a long time.

In Elhedery’s absence, day-to-day running of the markets division was devolved to Patrick George, head of markets and securities services for Europe and North America, Monish Tahilramani, head of markets and securities services for emerging markets, and Suzy White, chief operating officer for global banking and markets. They reported to Guyett. This arrangement will be extended until Elhedery returns to his old job.

Elhedery took a leave of absence in March that the bank said was to spend time with his family and travel the world. His break led Guyett to postpone his previously announced relocation from London to Hong Kong. Guyett told Bloomberg News in January that “adding a personal move on top of the expansion of my responsibilities is a bridge too far.”

Several HSBC executives have moved from London to Hong Kong, including head of wealth and personal banking Nuno Matos and commercial banking CEO Barry O’Byrne. Guyett had been due to relocate last year, but his move has remained on hold.

In the months since Elhedery took his sabbatical HSBC has faced a public spat with its largest shareholder over its strategy as Ping An Insurance Group Co. has argued for a break-up of the bank. HSBC has fought back against the Chinese insurer and has said that there is little merit in spinning out its Asian operations.

HSBC’s global markets unit has been one of the bright spots for the bank this year. First-half adjusted revenue rose 4% year-on-year to $7.8 billion, boosted by a 37% rise in foreign exchange income and a 10% rise in securities services revenues.

Writing to staff, Elhedery said he was pleased with how the business had performed in his absence. “It’s great to see the continued business momentum, which has translated into strong revenue growth,” he wrote in the memo.

(A previous version of this story corrected the job title of Suzy White.)

(Updates from eighth paragraph with details of Ping An campaign)

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