By Stuart Condie


SYDNEY--ANZ Group appointed former HSBC executive Nuno Matos as chief executive, replacing the retiring Shayne Elliott at the helm of Australia's fourth-largest bank.

ANZ on Monday said that Matos, who was HSBC's CEO of wealth and personal banking until August, will replace Elliott in July. Elliott joined ANZ in 2009 and became CEO in 2016 after four years as chief financial officer.

ANZ's move means that three of Australia's four biggest banks have announced new CEOs this year. National Australia Bank named Andrew Irvine as its new CEO in February. Westpac named Anthony Miller as CEO in September, and he is scheduled to take charge next week.

The longest-serving current CEO at Australia's so-called Big Four, Elliott reversed his predecessor's strategy of regional expansion, divesting non-core businesses before this year sealing the acquisition of smaller domestic rival Suncorp Bank.

"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," ANZ Chairman Paul O'Sullivan said.

At London-based HSBC, Matos's division was one of four main business lines. It spanned regular retail banking and managing money for the rich.

Matos had been a finalist for the HSBC CEO job vacated by Noel Quinn, who announced his retirement this year. Instead, the board said in July the top job would go to Georges Elhedery, the bank's former finance chief.

Matos began his career as an analyst at Portugal's central bank before 21 years at Santander, rising to become the Spanish group's global head of consumer operations. He switched to HSBC in 2015.

"My initial focus will be to build on the work already underway and ensure all our stakeholders get even better value from their relationship with ANZ," Matos said.


Write to Stuart Condie at stuart.condie@wsj.com


(END) Dow Jones Newswires

12-08-24 1648ET