Australia’s ANZ appoints HSBC wealth head as next CEO

Nuno Matos will receive $2.5m fixed remuneration per annum and will relocate to Melbourne.

Australian bank ANZ Group has named Nuno Matos as its next chief executive officer, effective 3 July 2025.

He joins from HSBC, where he is the CEO of Wealth and Personal Banking. In his HSBC role, Matos was responsible for 87,000 employees and served 40 million customers across 35 markets, ANZ said in a press statement posted on its website.

Matos will succeed Shayne Elliot, who is retiring from ANZ.

Matos’ will receive a $2.5m fixed remuneration per annum.

His CEO package also includes a short-term variable remuneration (STVR) target of 80% of fixed remuneration with a potential maximum of 100%; and a long-term variable remuneration (LTVR) annual maximum opportunity at 135% of fixed remuneration.

For FY2025, Matos will get a pro-rated STVR plan and will not receive an LTVR award. ANZ will instead seek approval from shareholders at the 2025 annual general meeting to ‘top up’ Matos’ FY2026 LTVR award by an additional three months.

Matos and his immediate family will also receive relocation benefits as he moves from Hong Kong to Melbourne.

Matos first joined HSBC in 2015 from Santander. Amongst the roles Matos held in HSBC include being CEO of HSBC Bank plc and HSBC Europe.

He began his career as an analyst in the banking supervision department of Banco de Portugal.

Elliot to retire
ANZ Group’s incumbent CEO Shayne Elliot will step down from the role on 2 July 2025.

Elliot, who first joined ANZ in 2009, led ANZ for 9 years. Amongst his most notable projects include the recent acquisition of Suncorp Bank, which Elliot said will benefit the group “for years to come.”

Upon his retirement, Elliot will receive his normal remuneration– including fixed remuneration and participation in the FY2025 STVR. His FY2025 LTVR will be pro-rated.

ANZ Group chairman Paul O’Sullivan hailed Elliot for leading the banks’ ‘critical’ transformation, which he said will be the cornerstone of ANZ’s long-term success.

““He was the first CEO to identify the need for simplification, later becoming a mantra for the industry. 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 said.

“He will be long remembered as a CEO that embedded a purpose-led strategy, setting ANZ on the path to long-term, sustained success. The entire ANZ team thank him for his service and wish him well for the future,” O’Sullivan added.

ANZ Group is not the first major Australian bank to announce a CEO change in 2024. Earlier this year, Westpac named Anthony Miller as its next CEO.