ANZ incoming CEO Nuno Matos starts in May amid ASIC and APRA glare on the bank

Incoming boss Nuno Matos is expediting his entry at the bank amid growing regulatory scrutiny.

Chairman Paul O’Sullivan, left, said Nuno Matos comes in as the leadership transition is “well progressed”. Picture: Aaron Francis

Banking major ANZ has rapidly brought forward the start date of its new chief executive Nuno Matos, who will take on the top job on May 12.

The bank on Monday also announced a new “risk and trading” focused board director just days after the bank’s board was handed a review into its markets business.

ANZ told the market early on Monday its new bank boss would start four days after outgoing chief executive Shayne Elliott delivers the lender’s first-half results, on May 8.

Mr Matos will now take on the reins at ANZ 61 days earlier than planned, after investors were told in December he wouldn’t be available to join as CEO until July 3.

Mr Elliott will stay to provide “handover support” until 30 September, with his last day as CEO being May 11.

ANZ chair Paul O’Sullivan said the bank’s leadership transition was “well progressed”.

“We are pleased that Nuno has been able to secure the early fulfilment of his commitments with his previous employer and bring forward his start date,” he said.

Mr Matos, who until recently has headed up HSBC’s Wealth and Personal Banking business, said he was looking forward to moving to Melbourne, ANZ’s home town.

The 57-year-old will also see his pay adjusted to reflect his new start date, with a top-up to be applied against his 2026 award, subject to shareholder approval at ANZ’s annual general meeting.

Mr Matos has already met with a number of executives at ANZ to discuss plans.

The decision to bring forward Mr Matos’ start comes as ANZ’s board met in Melbourne last week.

The board is now holding a copy of a culture review into the bank’s markets business prepared by external consultants at Oliver Wyman.

The review is expected to be released in coming weeks, before ANZ’s first-half results on May 8.

ANZ CEO Shayne Elliott will hand over the reins earlier. Picture: Arsineh Houspian

It comes after ANZ was ordered to run the ruler over its markets business by the Australian Prudential Regulation Authority, which oversees the banking sector.

This comes after the Australian Securities and Investments Commission opened a probe into ANZ’s markets business amid allegations of market manipulation in a $14bn government bond deal in 2023.

ASIC is also actively considering enforcement action against ANZ over a variety of issues in its retail bank.

The regulator has warned it will make a decision on whether to take enforcement action against ANZ within the first-half.

APRA slapped ANZ with a $250m capital penalty, topping up the existing $500m buffer, warning the bank had failed to address non-financial risks, highlighted by the latest scandal.

ANZ’s board has convened a subcommittee to review the markets issues.

However, ANZ’s board will now see movement, with veteran Department of Finance public servant Jane Halton retiring.

Alison Gerry, who also chairs Infratil, will join the board on May 9.

Ms Gerry has also been a director of ANZ Bank New Zealand, the kiwi subsidiary of the Australian banking heavyweight, since 2019.

Mr O’Sullivan said Ms Gerry would “valuable contribution given her extensive financial services experience, particularly in the areas of finance, risk and trading”.