Australia and New Zealand Banking Group (ANZ) has announced the appointment of Nuno Matos as its new chief executive. Matos, a seasoned international banker, will succeed Shayne Elliott, who will retire in July 2025.
A Global Leader Takes the Helm
Portuguese-born Nuno Matos, 57, brings extensive global banking experience to the role. His career spans over 30 years, with positions in Peru, Brazil, Mexico, and Hong Kong. Matos most recently served as HSBC’s Global Head of Wealth and Personal Banking. He will relocate from Hong Kong to Melbourne to lead Australia’s fourth-largest bank.
ANZ Chairman Paul O’Sullivan expressed confidence in Matos’ leadership, likening his recruitment to securing a star football player.
“When a player comes onto the transfer market, you’ve got to move quickly,” O’Sullivan said.
Shayne Elliott’s Legacy
Shayne Elliott, ANZ’s current CEO, has been with the bank for nearly nine years. During his tenure, he oversaw transformative initiatives, including the $4.9 billion acquisition of Suncorp Bank.
“Leading ANZ over the last nine years has been the highlight of my career,” Elliott said.
Elliott will step down from his position in July 2025 and remain as an advisor until October, ensuring a smooth leadership transition.
Figure 2: Mr. Shayne Elliott
Challenges Awaiting Nuno Matos
Matos takes over ANZ at a challenging time. The Australian Securities and Investments Commission (ASIC) is investigating allegations of bond market manipulation by ANZ traders. The case involves claims of inflating bond prices during a $14 billion government bond sale, potentially harming taxpayers while boosting ANZ’s profits.
Additionally, Matos will face the task of integrating Suncorp Bank into ANZ’s operations. This acquisition aims to expand ANZ’s reach but requires careful execution.
A Career Marked by Success
Matos began his career at Banco de Portugal, serving as a regulator before moving to Santander, Spain’s largest bank. At Santander, he climbed the ranks, eventually leading its global consumer banking operations.
In 2015, Matos joined HSBC Mexico as Deputy CEO before advancing to Global Head of Wealth and Personal Banking. His tenure at HSBC showcased his ability to lead diverse markets and drive significant growth.
Despite being considered a contender for the CEO role at HSBC, Matos was passed over. He resigned from HSBC in October and was quickly recruited by ANZ.
Matos’ Vision for ANZ
Matos expressed enthusiasm about leading ANZ and outlined his vision for the bank.
“The direction is correct,” Matos said. “The strategy is very clear … We started the re-platforming of our business, both on the wholesale side with Transactive and on the retail side with Plus.”
Matos emphasised the need for speed and precision in executing ANZ’s strategies while maintaining a performance-driven approach. He invited ANZ’s team to join him on this journey.
A Long-Term Strategy for Growth
Under Matos, ANZ plans to continue its focus on technological transformation. The bank is migrating retail customers to its Plus platform and institutional clients to the Transactive system. These initiatives aim to enhance customer experience and operational efficiency.
Matos will also address concerns raised by regulatory watchdogs and ensure ANZ’s operations align with market standards.
Shayne Elliott’s Farewell
As Elliott prepares to exit, he leaves behind a streamlined and future-ready organisation. “I’m proud to be leaving the bank in such a strong position,” he said. Elliott highlighted the bank’s simplified operations and robust institutional arm as key achievements.
Conclusion
Nuno Matos’ appointment marks a new chapter for ANZ. With his extensive international experience and strategic vision, Matos is poised to lead ANZ through challenges and opportunities.
As ANZ navigates regulatory scrutiny and integrates Suncorp Bank, its focus remains on innovation and customer-centric growth. Matos’ leadership will be crucial in steering the bank towards sustained success.
