Australian lender ANZ names former HSBC wealth chief Nuno Matos as new CEO

(Reuters) -Australian lender ANZ Group mentioned on Monday it had appointed former HSBC government Nuno Matos as its subsequent CEO, changing Shayne Elliott who is ready to retire in July 2025 after 9 years within the position.

Matos, 57, has 30 years of expertise throughout retail, industrial and wholesale banking and was most not too long ago the CEO of Wealth and Private Banking at HSBC earlier than leaving the financial institution in August shortly after lacking out on the highest job.

Hong-Kong-based Matos has served in a number of of HSBC’s largest areas, together with Europe and Latin America, and was among the many inner candidates vying to take over as CEO of Europe’s greatest financial institution, however Chief Monetary Officer Georges Elhedery received the position in July.

“Critically, Nuno has led a number of financial institution enterprise, danger and expertise transformations, which will probably be a big profit as we put together to scale the migration of consumers, together with these from Suncorp Financial institution, throughout to ANZ Plus in addition to supporting our deal with non-financial danger,” ANZ Chairman Paul O’Sullivan mentioned in an announcement.

ANZ shares had been down about 2% in early buying and selling on Monday after Matos’ appointment was introduced.

The financial institution, Australia’s No. 4 lender by mortgages, unveiled an organisational overhaul in October to streamline operations and improve knowledge analytics because it seeks to handle regulatory issues surrounding its oversight of some operations.

It had additionally beefed up a assessment of the way it manages non-financial danger after wide-ranging misconduct allegations sparked an investigation by the nation’s company regulator and prompted the prudential watchdog in August to extend the quantity of spare money the financial institution should preserve available.

Together with ANZ’s administration change, three of Australia’s so-called “Large 4” banks can have introduced the appointment of latest CEOs this 12 months.

Anthony Miller is ready to succeed Peter King as Westpac’s CEO subsequent week, whereas Andrew Irvine took excessive job at Nationwide Australia Financial institution (OTC:NABZY) in April.