Veteran HSBC executive Nuno Matos to replace Shayne Elliott after nine years as ANZ’s boss

Matos, who was most recently CEO of wealth and personal banking at HSBC where he was responsible for 87,000 employees serving 40 million customers in 35 markets, will assume the leadership position at ANZ on 3 July 2025.

The move will see Elliott close out 16 years at ANZ after joining the banking group in 2009 and later serving as CFO before being appointed to CEO in January 2016.

“Shayne led the critical transformation that will be the cornerstone of ANZ’s long term success,” says ANZ Group chairman Paul O’Sullivan.

“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.

“Under Shayne’s leadership, ANZ now has one of the world’s leading institutional businesses, a new retail bank platform built on industry-leading technology and a culture focused on helping customers and communities thrive.”

O’Sullivan says Elliott will be “long remembered as a CEO that embedded a purpose-led strategy, setting ANZ on the path to long-term, sustained success”.

Among the highlights of his tenure, Elliott notes the $4.9 billion acquisition of Suncorp Bank which was completed in July this year - a deal that Elliott says will benefit ANZ shareholders for “years to come”.

“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,” he says.

Meanwhile, Matos will bring to ANZ an extensive global background in retail, commercial and wholesale banking spanning 30 years, In that time, Matos has led his share of business shakeups including his tenure as CEO of HSBC Bank plc and HSBC Europe, where he oversaw the transformation of European operations.

In terms of scale, ANZ has half the number of employees of HSBC with a team of more than 43,000 people across 30 markets servicing about 8.5 million retail and business customers.

“Nuno’s appointment is the culmination of long-term systematic work by the board on leadership succession,” says O’Sullivan.

“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.

“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.”

Matos says he has “long admired ANZ” under Elliott’s leadership, adding that his leadership of the bank from next year will drive “the next phase of ANZ’s evolution”.

“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,” says Matos.

“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.”

ANZ posted a statutory net profit of $6.5 billion in FY24, down 8 per cent from a year earlier, with the cash profit down by the same margin when accounting for the $196 million one-off cost of the Suncorp Bank acquisition.

Matos joins ANZ on the same fixed-remuneration package as Elliott at $2.5 million a year, plus incentives.

Under the terms of his employment agreement, ANZ will assist Matos and his family to relocate from Hong Kong to Melbourne next year.