ANZ Bank Has Got a New CEO: What Will It Mean for Investors?

ANZ Bank has got a new CEO!

Earlier this week, the bank announced that Nuno Matos, the current head of Wealth and Personal Banking at HSBC, will become the bank’s chief executive on July 2, 2025.

This is the end of nearly a decade of Shayne Elliott’s tenure at ANZ, which is the longest current tenure amongst the major banks. With ANZ emerging from the Hayne Royal Commission in somewhat better shape than NAB – which did so bad it lost its CEO and chairman – Elliott’s tenure was defined by ANZ Plus and the attempts to buy Suncorp’s retail banking operations. After some obstacles, these were rolled out, but we’ll have to wait a few years to judge his legacy because it is too early to tell how these will play out.

But investors are now wondering how this shifting of the guard might affect the direction, operations, and overall market performance of the bank. And who even is Nuno Matos anyway? Let’s answer that question first.

 

Who is Nuno Matos?

As noted above, Nuno Matos joins from HSBC, making him an unconventional choice. It is more common for new Big 4 Bank CEOs to be promoted from lower executive levels, or perhaps be poached from a foreign bank like Ross McEwan was poached by NAB from Scotland after the Hayne Royal Commission.

At HSBC, Matos supervised the wealth and personal banking divisions around the world, providing direction on digital innovation and enhancement of fee-based income channels. The board obviously thought his leadership has provided important input in changes for customer-facing operations and they hope he can have a similar impact there.

 

So what Will Matos’s Leadership Mean for ANZ Bank?

Enhanced Customer Experience

Matos’s customer-centric approach could lead to ANZ focusing more on personalised services. No, we won’t see all retail customers get their own private banker, but we could see improvements in ANZ’s technology. Look in particular for AI-powered financial advisory services. Investors might see this as a driver for customer retention and acquisition in a competitive market. After all, we know people still need financial advice, even with so many people leaving the industry post-Hayne due to increased licensing requirements – which even the government can see have gone too far.

Of course, given Matos’s experience in wealth management, ANZ could enhance its product offerings towards high-net-worth individuals and businesses, in line with the growing demand for such wealth management services.

Global Expansion and Market Penetration

With ANZ’s presence in the Asia-Pacific region, Matos’s global experience could help identify new growth opportunities. Emerging markets in Southeast Asia, where financial services are rapidly evolving, might become focal points under his leadership.

 

The Challenges Ahead for Matos – managing Elliott’s legacy projects

As we mentioned above, Elliott’s legacy will be defined by ANZ Plus and Suncorp. Matos will be the one overseeing the integration of Suncorp, and where ANZ Plus goes to next.

ANZ has historically been a laggard in technology and ANZ Plus was a response to this. Launched more than 2 years ago, it is 35% cheaper to run compared to older technology systems and this can be passed on to customers. The central promise of the platform was that would-be mortgagees could apply for loans on their phones and finalise in less than an hour. CEO Shayne Elliott singled out NAB’s digital bank UBank, saying its entire balance sheet was $18bn despite being in business for 15 years while ANZ made 60% of that in the first 18 months of operation.

By 2029, it is anticipated that the entire retail bank will be on Plus which should be at least 7m customers (6m with ANZ today and 1m with Suncorp). ANZ has copped flack over the slow roll out and the expenses incurred ($8.9bn in FY24) vs the benefit received (which will take some time to accentuate). ANZ Plus is not Matos’ system, but he will be responsible for seeing it realises the potential Elliott saw in it.

Now onto the other major project – the integration of Suncorp’s arm. To be fair to Elliott, it isn’t his fault that the integration didn’t happen earlier, because the bank spent over 18 months at loggerheads with the ACCC before it let the deal through. ANZ was the only Big Four bank to shrink its mortgage book in 2021 and had only 13.1% of the market. By acquiring Suncorp’s retail banking arm, ANZ Bank wanted to turn things around, particularly in the Sunshine State. Meanwhile, Suncorp just wanted out of retail banking and to focus on insurance. 

We’re sceptical that it’ll have a significant impact on ANZ’s market share, as a combined Suncorp/ANZ retail bank still comes behind the Big 4 Banks. But it does increase ANZ’s presence in Queensland – a state that is in one economic shape right now. Still, onboarding 1.2m customers, 3,000 employees and A$54.6bn in a day is a big deal.

 

The Impact on Investors

For investors, the leadership transition is an opportunity to reassess ANZ’s future growth potential. Shares fell 6% in the first 3 days post the announcement. Leadership changes almost always influence stock prices in the short term.

What happens in the long-term…only time will tell. But keep in mind he only takes the reigns in July. Elliott will still preside over one more set of results (the 1HY25 results due in May 2025) and he will announce one more dividend. For most investors, that will be the key concern for now given it has a strong dividend track record. Investors will watch closely for any changes in dividend policies, particularly if Matos reallocates resources to growth initiatives.

But in the longer-term, if Matos successfully drives digital innovation, expands wealth management, and strengthens ANZ’s ESG credentials, the bank could attract new customers and revenue streams, boosting long-term shareholder value. Any Big 4 Bank is not a stock you buy wanting a 100% return in a year or two, it is a stock you buy for the dividends and maybe realising a 100% return over a 5-10 years (with the return inclusive of dividend yields).

 

Conclusion

The appointment of Nuno Matos as ANZ’s next CEO represents a new chapter for the bank. Matos has global experience, no doubt, but is an unknown figure in Australia so the jury will be out for some time. The key priorities for ANZ are managing the roll out of ANZ Plus and the continued integration of Suncorp – both legacies of Elliott. While challenges remain, the opportunities for long-term value creation are significant if Matos’s leadership lives up to expectations.

 

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FAQs

• Who is Nuno Matos, the new CEO of ANZ Bank?

  Nuno Matos is an experienced banker with a global career at HSBC, where he led Wealth and Personal Banking. He will succeed Shayne Elliott as ANZ’s CEO in July 2025.

• How will this leadership change affect ANZ’s strategy?

  Matos’s expertise in wealth management and digital innovation suggests potential shifts toward customer-focused services, technological advancements, and expanded ESG initiatives.

• What challenges will Matos face as ANZ’s CEO?

  Matos will need to navigate economic uncertainties, regulatory complexities, and competitive pressures while balancing continuity with innovation.

• How does this change impact ANZ investors?

  Investors may see opportunities for growth if Matos successfully implements his strategies. However, market sentiment and operational performance during the transition will be key indicators.

• What will Matos focus on in his early tenure?

  Matos is likely to prioritize customer experience, digital transformation, and expanding ANZ’s wealth management services while maintaining operational stability.