ANZ nabs ex-HSBC banker Nuno Matos to succeed outgoing boss Shayne Elliott

ANZ will bring in an international banking heavyweight to succeed outgoing chief executive Shayne Elliott when he leaves the big four lender mid-next year.

Mr Elliott announced on Monday he had resigned and would leave on July 3, 2025 after nine years in the role — the last marred by a $14 billion government bond trading debacle that is still under investigation by the corporate watchdog.

Mr Elliott joined ANZ in 2009 and will count this year’s $4.9 billion takeover of the banking arm of Queensland’s Suncorp as a major success of his tenure.

He will be replaced by banking veteran Nuno Matos who was most recently chief executive of wealth and personal banking at HSBC where he was responsible for 87,000 employees serving about 40 million customers across 35 markets.

ANZ chair Paul O’Sullivan said the appointment was the culmination of long-term systematic work by the board on leadership succession.

“Having assessed multiple external and internal candidates, we know Nuno is the right person to build on the transformation already well progressed under the leadership of Shayne and his team,” Mr O’Sullivan said.

“Critically, Nuno has led several bank business, risk and technology transformations, which will be a significant benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ Plus as well as supporting our focus on non-financial risk.

“The bank is in a strong position and this orderly leadership transition ensures ANZ will continue to deliver for customers, shareholders and staff in the years to come.”

Mr Elliott’s exit markets further change amid the very top of Australia’s biggest financial institutions.

Two other top lenders also recently appointed new CEOs, with Andrew Irvine taking the helm at National Australia Bank and Anthony Miller at Westpac.

Mr Matos joined HSBC in 2015 from Santander. He held senior roles including chief executive of HSBC Bank and HSBC Europe, where he oversaw the transformation of the business.

He had previously also served as CEO in Mexico, one of HSBC’s largest markets, and regional head of retail banking in Latin America.

Mr Matos began his career as an analyst in the banking supervision department of Banco de Portugal.

“I’ve long admired ANZ, particularly under the stewardship of Shayne, and it’s an honour to have been chosen by the board to lead the next phase of ANZ’s evolution,” he said.

“The ANZ franchise has a unique competitive position with two scale domestic markets, a leading institutional banking franchise, and thanks to the work over recent years it now has its two world-class platforms in ANZ Plus and ANZ Transactive.

“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.”

The 57-year-old will move with his family from Hong Kong to Melbourne and start on a fixed annual salary of $2.5 million, plus short and long-term bonuses.

Mr Elliott will continue to provide handover support until the end of September next year.

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

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

“The recent Suncorp Bank acquisition will also benefit ANZ for years to come.”

ANZ last month reported an 8 per cent drop in full-year cash profit to $6.7b, which was weighed down by fierce competition for home loans and deposits, as well as high inflation.

The bank’s shares were down just over one per cent in early trade on Monday as investors digested the news of Mr Elliott’s departure.

But overall they up about 18 per cent this year — still less than the 33 per cent advance on the ASX200 financials sector gauge, according to Bloomberg.

Australian banks have become simpler institutions in recent years and that brings a challenge for Mr Matos as the business has become more commoditised, said Hugh Dive, chief investment officer at Atlas Funds Management.

“You’ve got four to five players selling a relatively undifferentiated product,” Mr Dive said.

“The adjacent stuff from insurance to funds management to financial planning has all been pulled in. They’re just very back to basics with business lending and home lending and there’s fewer ways to make money.”

News of an orderly transition addresses one source of uncertainty for ANZ, according to Morgan Stanley analysts, led by Richard Wiles.

Mr Matos should focus on non-financial risk issues and manage any potential changes in the executive team, he wrote in a report.

“We believe the appointment of a retail banker with global experience highlights ANZ’s need to strengthen its retail franchise and competitive position,” he wrote.

“ANZ faces a full agenda in 2025 and a pivotal period over the next few years.”