ANZ taps HSBC leader as new chief executive

One of Australia’s largest companies has found its new chief executive, an international banker of “calibre and extensive experience”.

ANZ has appointed a new chief executive following the resignation of boss Shayne Elliott.

The incoming chief executive is Portuguese-born, Nuno Matos, 57, who will relocate from Hong Kong after resigning from HSBC.

Australia’s fourth-largest bank is in the midst of an alleged bond trading scandal that cost taxpayers and inflated ANZ’s profits.

Mr Elliott, aged in his early 60s, started his career in his native New Zealand and will step down from the helm at ANZ in July following the announcement of his resignation on Monday.

“Leading ANZ over the last nine years has been the highlight of my career,” he said in a statement.

ANZ chief executive and executive director Shayne Elliott will depart in July. Picture: NewsWire / Martin Ollman

“I’m proud to be leaving the bank in such a strong position, particularly the work we have done to simplify the business, transforming (the) institutional (arm) into one of the world’s best and preparing our retail bank for the future.”

Mr Elliott also pointed to the $4.9bn acquisition of Suncorp Bank as a key achievement.

The Australian Securities and Investments Commission is investigating ANZ traders over allegations of manipulative bond trades.

The regulator is assessing whether traders at the bank manipulated the pricing of a $14bn government bond sale, which cost taxpayers but left ANZ with outsized profits.

One of ANZ’s latest branch closures has left customers in the Blue Mountains 150km from the nearest branch. Picture: NewsWire / Gaye Gerard

Mr Elliott previously said “based on what we’ve seen, we don’t see anything wrong”.

Mr Matos, since 2015, has served as HSBC’s Mexican and then European chief executive and most recently was the London-based bank’s wealth and personal banking chief.

He will be paid $2.5m annually, with eligibility for a $2.5m short-term bonus and a $3.4m long-term bonus in his first full year in Melbourne.

Mr Matos has worked in Hong Kong, the UK and US, Spain, France, Brazil, Mexico and Peru.

Incoming ANZ chief executive Nuno Matos will also be appointed executive director. Picture: Supplied

ANZ chairman Paul O’Sullivan said Mr Matos was an international banker of “calibre and extensive experience”.

Mr Matos said under his predecessor’s leadership, ANZ became one of the world’s leading institutional businesses.

“I’ve long admired ANZ, particularly under the stewardship of Shayne, and it’s an honour to have been chosen … My initial focus will be to build on the work already under way and ensure all our stakeholders get even better value from their relationship with ANZ,” he said.

The changing of the guard at ANZ means three of Australia’s big four banks have appointed new chief executives this year.

Originally published as ANZ taps HSBC leader as new chief executive