HONG KONG/LONDON, Oct 29 (Reuters) - HSBC Holdings ( HSBC )

posted a 10% rise in third-quarter profit on Tuesday,

beating analyst estimates, as its wealth and wholesale banking

benefited from slower-than-expected rate cuts while it embarks

on one of the largest overhauls in its history.

Europe's largest bank posted pretax profit of $8.5 billion

for the July-to-September period versus $7.7 billion a year

earlier. The result compared with a $7.6 billion mean average of

broker estimates compiled by HSBC ( HSBC ).

The London-headquartered, Asia-focused bank also announced

an additional share buyback of up to $3 billion, on top of a $6

billion buyback programme announced earlier this year.

The lender unveiled a roadmap for its sweeping restructuring

under new CEO Georges Elhedery designed to control costs and

improve efficiency. HSBC ( HSBC ) announced last week that it will merge

some operations and split its geographic footprint into East and

West, under a new leadership structure.

"We will begin to implement these plans immediately,"

Elhedery said in an earnings statement, but further details will

be disclosed in February next year.

HSBC ( HSBC ) kept its 2024 and 2025 near-term return on tangible

equity goal - a performance target - at mid-teens for two years

but said in the statement that the "the outlook for interest

rates has changed, and been volatile".

The bank said it will pay an interim dividend of 10 cents a

share, its third payout in 2024 following payments worth 41

cents announced earlier this year.