HSBC has announced the appointment of Steve Hughes as its next CEO and Head of Banking for Australia and New Zealand, marking a significant leadership transition for the global bank’s regional business. Hughes will assume the role on 1 January 2026, the company confirmed on Thursday.
Hughes brings a long track record in wholesale and international banking. After joining HSBC in 2015, he has held several senior roles across the organisation, most recently leading the wholesale banking division for Australia and New Zealand since January 2023. Prior to HSBC, he spent more than 20 years with The Royal Bank of Scotland, where he worked across multiple international banking operations and built deep experience in markets across Europe and Asia.
His appointment follows the planned departure of Antony Shaw, who will step down at the end of this year. Shaw, who has been with HSBC for over 19 years, has served as CEO for Australia and New Zealand since September 2022. His three-decade career in financial services spans senior roles in both domestic and global institutions, with contributions across retail, commercial and corporate banking.
HSBC said the leadership handover is part of a broader strategic focus to strengthen its presence in key Asia-Pacific markets and support growing cross-border business flows, particularly between Australia, New Zealand and the rest of the region. The bank also highlighted Hughes’ experience in wholesale banking as an advantage as it continues to expand in areas such as sustainable finance, trade, and institutional banking.
The transition ensures continuity while positioning the bank for the next phase of growth in the ANZ market. Shaw will remain with HSBC until the end of the year to support a smooth handover process.