The new CEO, who will take the helm at the start of July next year, will be succeeding a figure whose nine-year tenure coincided with significant changes in Australia's banking sector.

ANZ has appointed a new CEO, Nuno Matos (pictured), who is succeeding Shayne Elliott after nine years in the post. Matos’s appointment takes effect from 3 July 2025.

Matos will also be appointed to the boards of ANZ Group Holdings Limited and Australia and New Zealand Banking Group Limited as an executive director, the banking group said in a statement yesterday 

Matos, who has more than 30 years’ experience across retail, commercial and wholesale banking, was most recently CEO of wealth and personal banking at HSBC. He joined HSBC in 2015, after working at Santander where he was most recently global head of consumer in its retail and commercial division. 

During his time at HSBC, Matos served in senior roles including chief executive of HSBC Bank and HSBC Europe, where he oversaw the transformation of its European business. He had also served as CEO Mexico and was regional head of retail banking for Latin America.

Matos, who began his career as an analyst in the banking supervision department of Banco de Portugal, has worked in markets including Hong Kong, the UK, the US, Spain, France, Brazil, Mexico and Peru.

ANZ said Elliott will step down as CEO and executive director on 2 July 2025. First joining the group in 2009, he also served as global managing director, institutional.

"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,” ANZ group chairman Paul 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."

O’Sullivan praised Elliott’s tenure. ANZ, like a number of its major Australian peers, went through a series of regulatory and other changes. In 2014, ASIC, the Australian financial regulator, launched its Wealth Management Project, designed to raise standards of major financial advice providers. It concentrated on the largest financial advice firms: NAB, Westpac, CBA, ANZ, AMP and Macquarie. ANZ has simplified its corporate structure. (See a story here from 2018, and one here from 2019.)

“Shayne led the critical transformation that will be the cornerstone of ANZ’s long term success,” O’Sullivan said. “He was the first CEO to identify the need for simplification, later becoming a mantra for the industry. He rebalanced our portfolio to materially improve the capital efficiency and focus of the group while also making our business less complex and safer to manage.”