Running a major bank for seven years is a big deal. Antonia Watson is calling it a career.
Antonia Watson, who is the CEO of ANZ Bank New Zealand and also an ANZ Group Executive, will be leaving her job on September 30, 2026. This is also when the bank’s 2026 financial year ends.
She first joined ANZ New Zealand in 2009. She moved up over the years, becoming the Chief Financial Officer and then the Managing Director of Retail and Business Banking. When David Hisco suddenly left in May 2019, Watson became the Acting CEO. By December that same year, she got the job permanently.
She stepped in at one of the most fraught moments in the bank’s recent history, after Hisco left following an investigation into personal expenses.
Most people in her position at the time would have kept their head down. Watson put her hand up for the top job.
ANZ NZ CEO Antonia Watson [ANZ]
Watson Guided ANZ NZ Through a Parliament Inquiry and a Pandemic
ANZ NZ Chair Scott St John said Watson had created high-performing teams in New Zealand and the Pacific, and steered the bank to consistent performances for shareholders through COVID and other global economic shocks.
She also sat front and centre during the Commerce Commission’s market study into retail banking.
She stepped into Parliament’s Finance and Expenditure Committee and said, plainly, that ANZ NZ’s return on equity was sitting at the level shareholders need to justify putting money in the bank. No apology. No hedging.
Finance Minister Nicola Willis had already criticized the big banks, calling them an uncompetitive oligopoly. Watson pushed back.
When this news was announced, Watson was one of only six women leading a company on the NZX Top 50 list. Last year, her total pay came to NZD 3.08 million.
Her own statement on leaving is unusually candid for a CEO farewell.
“I never aspired to be a CEO in my career but now count myself lucky to have led a company that is critical to New Zealand’s economic prosperity,” she said. “I have no immediate plans.”
Ben Kelleher Takes the Role from the Risk Side of the Business
Kelleher has been ANZ NZ’s Chief Risk Officer for more than two years, and before that he was Managing Director of Personal Banking for five years. He has also led the bank’s private banking and strategy teams.
Before ANZ, he worked in New Zealand and the UK across strategy, analyst, and project management roles.
Kelleher holds a Master’s in Management, Finance and Economics with distinction and a Bachelor’s degree with first class honours from the University of Waikato.
Arriving from the risk function is not the typical path for a big bank CEO. It signals the board wants someone with deep regulatory fluency at the top, not just a revenue-chaser.
That matters. In September 2025, ANZ New Zealand agreed to pay a NZD 3.25 million fine to the New Zealand Government. They got this fine because they broke fair dealing laws twice between 2012 and 2023.
St John said Kelleher is a great leader who really cares about customers. He also knows how to run a big, complex company in a very regulated industry.
His appointment is subject to a Reserve Bank of New Zealand non-objection and other regulatory engagement.
The Incoming CEO Inherits a Profitable Bank With a Customer Satisfaction Problem
ANZ commands around 30% market share in New Zealand’s banking sector. It is the largest bank in the country by assets, deposits, and branch count.
ANZ Headquarters exterior [ANZ]
Profitability is not the issue. In Consumer NZ’s 2025 satisfaction survey, ANZ scored just 57%, finishing last among the major banks despite holding the biggest market share.
That gap between financial performance and customer perception is one of the more persistent headaches in the business.
Kelleher’s personal banking background could help close it. His time running retail relationships puts him closer to that problem than a CFO or strategy executive might be.
For ANZ Group investors watching from Australia, the New Zealand business is a meaningful contributor to group earnings. ANZ Group Holdings (ASX: ANZ) is itself mid-transition, with Nuno Matos having taken over from Shayne Elliott in July 2025. The New Zealand handover adds another leadership variable to that picture.
The former group CEO’s own departure was turbulent. For more on the events that followed Elliott’s exit, read Colitco’s coverage of the ex-ANZ boss suing the bank over stripped bonuses.
These changes, both at the main company and its New Zealand branch, highlight one thing: running a major bank today involves dealing with tough regulations, political scrutiny, and people being skeptical about how much profit banks make.
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FAQs
Q: When will Antonia Watson officially retire from ANZ NZ?
A: Antonia Watson will retire on 30 September 2026, the end of ANZ’s FY26.
Q: Who will Antonia Watson be replaced by as ANZ NZ CEO?
A: Antonia Watson will be replaced by Ben Kelleher. He is currently the bank’s Chief Risk Officer.
Q: How long was Antonia Watson CEO of ANZ NZ?
A: She was confirmed permanent CEO in December 2019, making it just under seven years.
Q: Does Ben Kelleher’s appointment need regulatory approval?
A: Yes. It is subject to non-objection from the Reserve Bank of New Zealand.
Q: Is ANZ NZ the largest bank in New Zealand?
A: Yes. It holds roughly 30% of the total banking market share.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Colitco does not hold any position in the securities mentioned. Readers should conduct their own due diligence or consult a licensed financial adviser before making any investment decisions.
Source:
https://www.anz.com.au/newsroom/media/2026/june/anz-nz-ceo-antonia-watson-to-retire–ben-kelleher-to-take-over/
Luke Carlino is a seasoned Copywriter, Content Strategist, and Social Media Manager specialising in Mining, Finance, and Business journalism. With more than a decade of industry experience, he brings rigorous editorial standards and commercial acuity to every project.
