Banking News

ABA appoints ANZ's CEO as chairman

ABA appoints ANZ’s CEO as chairman

(16 October 2017 – Australia) The Australian Bankers' Association (ABA) has announced that ANZ Bank’s chief executive, Shayne Elliot, will become its next chairman,

The appointment, which is rotated among the country's big four bank's leaders, will bypass Commonwealth Bank (CBA) following uncertainty over its leadership.

The appointment comes as banks attempt to rebuild public trust, amid fierce political scrutiny including the promise of a royal commission if Labor wins the next federal election.

While some discussion were had with regards to breaking with convention and appointing non-big four executive, ABA’s chief executive Anna Bligh said it had chosen Elliott, who had been next in line as chair of the peak body after CBA's Ian Narev, “for the sake of continuity”.

"There are a number of reviews and reforms to be introduced in the coming year, so consistency is important. I am looking forward to working closely with Mr Elliott in his new role," Ms Bligh said.

Following Elliott’s promotion form the bank’s chief financial officer, to its chief executive in 2016, Elliott has streamlined the bank’s Asian business, while positioning it a digital innovator with key hires and a raft of new products, including being the first major lender to offer Apple Pay.

"I look forward to making a positive and progressive contribution as the industry continues with the important task of delivering sustained change which delivers better outcomes for customers and helps rebuild our reputation," Elliott said.

Elliott will replace National Australia Bank chief Andrew Thorburn, who chaired the ABA for the last two years.

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