“He has transformed ANZ into one of Asia Pacific’s leading banks with operations in 34 countries, delivering strong outcomes for our customers and for our shareholders”, Gonski said.
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Elliott, now CFO, was speaking to investors after the bank announced he would take over from Mike Smith on January 1.
Elliott joined ANZ as head of its institutional division in June 2009 and his previous roles include senior positions at Citigroup Inc.in Australia, the United Kingdom and the U.S.
The incoming CEO said the bank was committed to seeking growth in Asia but flagged more discipline in implementing its strategy – one that has come under fire for its low returns.
“I’m not sure how much change Shayne will bring, given he has been closely involved in the Asian strategy and comes from a global banking background, rather than with an Australian focus”, Omkar Joshi, an investment analyst at Watermark Funds Management in Sydney, said.
While ANZ is ranked No. 5 for arranging loans in Asia Pacific ex-Japan so far this year, it falls to ninth place when Australia is excluded, according to Thomson Reuters data.
Smith is also not completely leaving ANZ on December 31. Although Australia’s banks sidestepped the worst, the crisis did effectively shut them out of capital markets and prompted the federal government to step in as a guarantor.
Mr. Smith said that following the smooth transition as Mr. Gonski took over as chairman past year, he felt it was an appropriate time to step down. It opened a new branch in mainland China last month. “Despite those headwinds and a volatile environment for banks around the world, his leadership has seen ANZ continue to grow market share in Australia and establish a strong, growing New Zealand business under one brand”, said Gonski.
“It was the interconnection that mattered to us, [and] I’m pleased with where we’re at”, the chairman said.
Mr Gonski described the New Zealander as the outstanding candidate among both internal and external candidates.
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This tougher environment helps to explain why the most recently appointed bank chief executives – such as Westpac’s Brian Hartzer and National Australia Bank’s Andrew Thorburn – are keeping a tighter rein on costs and focusing on domestic businesses that generate the bulk of profits. “He stood by his undertaking and I worked within that undertaking”.
