ANZ has appointed a highly credentialled international banker to succeed Shayne Elliott as chief executive. It's the third major bank succession this year, leaving Commonwealth Bank’s Matt Comyn as the longest-serving big boss.
The new CEO is Nuno Matos, a 57-year-old veteran of Banco Santander and HSBC who was a contender for the CEO role at HSBC but missed out in July and then departed the bank in August.
The big question for investors is, why an external candidate when ANZ's strategy is apparently on track? Is it simply because a better talent was available?The market took the pessimistic view, with shares down just under 3% on the announcement.
The timing of the announcement was a little earlier than some expected, especially given ANZ is yet to hear the formal response from the Australian Securities and Investments Commission on a bond trading scandal.
