Australian banking giant ANZ Group has announced the appointment of Nuno Matos as its next Chief Executive Officer, effective 3 July 2025. Matos, who is currently the CEO of Wealth and Personal Banking at HSBC, will succeed Shayne Elliot, ANZ’s CEO for nearly a decade, who is set to retire on 2 July 2025.

Matos will bring extensive global banking expertise to ANZ, having led HSBC’s Wealth and Personal Banking division with responsibility for 87,000 employees and 40 million customers across 35 markets. He first joined HSBC in 2015 from Santander, where he held various leadership roles. During his tenure at HSBC, Matos also served as CEO of HSBC Bank plc and HSBC Europe. He began his career as an analyst in the banking supervision department of Banco de Portugal.

In his new role, Matos will receive a fixed annual remuneration of $2.5 million. His CEO package also includes a short-term variable remuneration (STVR) target of 80% of his fixed pay, with a potential maximum of 100%, and a long-term variable remuneration (LTVR) opportunity capped at 135% of fixed remuneration annually. For the 2025 fiscal year, Matos will be eligible for a pro-rated STVR plan but will not receive an LTVR award. Instead, ANZ plans to seek shareholder approval at its 2025 annual general meeting to provide a "top-up" to Matos’ FY2026 LTVR award by an additional three months.

As part of his transition, Matos and his family will relocate from Hong Kong to Melbourne, with ANZ covering relocation expenses.

Matos will take the reins from Shayne Elliot, who has served as ANZ’s CEO since 2016. Elliot joined ANZ in 2009 and has overseen transformative projects, including the bank’s acquisition of Suncorp Bank, which he described as a move that will yield long-term benefits for the organization.

Elliot’s tenure has been marked by a strategic focus on simplification, capital efficiency, and embedding a purpose-led strategy, according to ANZ Group Chairman Paul O’Sullivan.

“He was the first CEO to identify the need for simplification, later becoming a mantra for the industry,” O’Sullivan said in a statement. “He rebalanced our portfolio to materially improve the capital efficiency and focus of the group while also making our business less complex and safer to manage.”

O’Sullivan also credited Elliot with positioning ANZ for sustained long-term success, adding, “He will be long remembered as a CEO that embedded a purpose-led strategy... The entire ANZ team thank him for his service and wish him well for the future.”

Elliot will receive his standard remuneration package upon his retirement, including pro-rated FY2025 STVR and LTVR entitlements.

ANZ is the latest among Australia’s major banks to announce a CEO transition this year. Earlier in 2024, Westpac appointed Anthony Miller as its next CEO, signaling a period of significant leadership changes in the Australian banking industry.

With Matos’ appointment, ANZ aims to continue its evolution as a modern, forward-looking financial institution, leveraging his global experience to navigate an increasingly competitive and digital banking environment.