Banking giant HSBC said on Tuesday its third-quarter pre-tax profit rose 10% year-on-year, citing revenue growth in two of its divisions, days after the lender announced an organizational overhaul.

The rise in pre-tax profit to $8.5 billion reflects a strong performance in its wealth management division as well as higher revenues in the banking sector and global markets, HSBC said in a results statement.

The London-based bank last week announced a major shake-up under new chief executive Georges Elhedery, who took office in September.

“We had another good quarter, which shows that our strategy is working,” Elhedery said in a statement on Tuesday.

HSBC also on Tuesday increased its total distribution this year to $18.4 billion and announced a new round of share buybacks “up to $3 billion”, the latest in a series of measures aimed at distributing capital to its investors.

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The sale of its Argentina operations, first revealed in April, is expected to be finalized in the fourth quarter of this year, the bank added.

Last week, HSBC announced that it would simplify its structure and divide it into four distinct parts from next year: Hong Kong, UK, “corporate and institutional banking” plus “international wealth management and leading bank.

Elhedery said the changes – which will also streamline its geographic structure – will allow it to “better focus on increasing leadership and market share in businesses that have a clear competitive advantage and the greatest growth opportunities” .

The CEO said in an internal memo that “there will inevitably be a reduction in duplicated roles, particularly at senior levels” due to the restructuring, according to Bloomberg News.

Chief risk officer Pam Kaur would take over as chief financial officer from January 1 – the first woman to hold the role in the bank’s 160-year history.

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HSBC generates most of its turnover in Asia and spent several years establishing itself in the region, committing to growing its wealth management business and targeting fast-growing markets.

The bank, which straddles East and West as Europe’s largest lender, is under pressure as tensions between the United States and China rise.

Majority shareholder Ping An last year asked HSBC to divest its assets in Asia, but the proposal was rejected.

Source: AFP