ANZ Group, one of Australia’s major banks, has announced the appointment of former HSBC executive Nuno Matos as its next CEO. Matos will take over from Shayne Elliott, who plans to retire in July 2025 after leading the bank for nine years.
Based in Melbourne and ranked as Australia’s fourth-largest mortgage lender, ANZ has faced challenges this year, including being the weakest-performing stock among the “Big Four” banks. The downturn is largely attributed to a bond trading scandal that has drawn regulatory scrutiny. Following the announcement, ANZ shares fell 3.2% to A$30.165, their lowest level since October 11, while the broader market index declined by 0.4%.
Matos, 57, brings over three decades of experience in retail, commercial, and wholesale banking. Most recently, he served as the CEO of Wealth and Personal Banking at HSBC, leaving the role in August after missing out on the top job at the bank. With experience across Europe and Latin America, Matos was a strong internal contender for HSBC’s CEO position, which ultimately went to CFO Georges Elhedery.
“When Nuno became available following developments at HSBC, we acted swiftly to secure his expertise,” said ANZ Chairman Paul O’Sullivan. He praised Matos’ strong track record in leading transformations, driving change, and managing bank integrations—skills critical for ANZ as it integrates its A$4.5 billion ($2.87 billion) acquisition of Suncorp Bank.
ANZ recently launched an organizational overhaul to streamline its operations and improve data analytics, addressing regulatory concerns. Although Mark Whelan, head of institutional banking, was considered a potential successor to Elliott, his division is under investigation for its handling of government bond auctions. Reports indicate the bank overstated bond trading values by over A$50 billion in one year, though ANZ has not confirmed this figure.
In response to the scandal, ANZ has hired external legal advisors to assist with investigations and enhance workplace culture. The prudential regulator has also required ANZ to hold an additional A$250 million in reserves due to shortcomings in non-financial risk management.
UBS banking analyst John Storey supported the decision to appoint an external candidate, noting it brings a fresh perspective and opportunities for necessary operational reforms.
Matos’ appointment follows leadership transitions across Australia’s “Big Four” banks. Anthony Miller will soon take over as CEO of Westpac, while Andrew Irvine stepped into the top role at National Australia Bank earlier this year.
