Nuno Matos will become CEO at ANZ Group Holdings, succeeding Shayne Elliott who is retiring after nine years in the role that culminated in a tumultuous ending.
The former HSBC Holdings banker will take over the top job on July 3, 2025 and will also be appointed to the boards of ANZ as an executive director.
Matos, 57, was most recently HSBC’s CEO of wealth and personal banking and missed out on the top job at the British lender earlier this year.
“We are very pleased an international banker of Nuno’s calibre and extensive experience will be joining ANZ as our new Chief Executive to lead the execution of our strategy,” ANZ Group chairman Paul O’Sullivan said in a statement Monday.
Scandals at ANZ involving trading misbehaviour and allegations of bond market manipulation led to senior executives taking compensation cuts earlier this year, including Elliott.
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Elliott, 61, had to defend his firm in front of parliament during the final chapter of his time leading ANZ that will be remembered for the focus on misbehaving traders.
Two other top Australian lenders also recently appointed CEOs, with Andrew Irvine taking the helm at National Australia Bank and Anthony Miller at Westpac Banking.
Matos will receive a salary of A$2.5 million ($2.14 million), the same as Elliott, according to a statement. On top of that will be a short-term bonus target of up to 80% of that and a long-term award of up to 135%.
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O’Sullivan said the board had assessed multiple external and internal candidates and the appointment was the culmination of long-term systematic work.
Matos worked at HSBC from 2015-2024 and before that held a variety of roles at Banco Santander.
ANZ shares are up about 19% this year, less than the 33% advance on the S&P/ASX 200 Financials sector gauge. Australian banks have become simpler institutions in recent years and that brings a challenge for Matos as the business has become more commoditized, said Hugh Dive, chief investment officer at Atlas Funds Management in Sydney.
“You’ve got four to five players selling a relatively undifferentiated product,” he 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,” he said, adding that he has an overweight position on ANZ stock.
Retail strength
Matos will also have to integrate Suncorp Group’s banking arm after the Australian lender bought the unit in a flagship deal under Elliott.
The stock dipped 1% as of 10:.01am in Sydney.
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News of an orderly CEO transition addresses one source of uncertainty for ANZ, according to Morgan Stanley analysts, led by Richard Wiles. 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.”
Photo: Bloomberg
