Smith to step down, Elliott to be new ANZ CEO

Elliott joined the bank in 2009 and became CFO in 2012. He will start in the position in the New Year after Smith, who will stay on in an advisory role, departs at the end of December.

" We have so much to be proud of in terms of what we’ve done."
Mike Smith, ANZ CEO

“I think the timing’s right,” Smith told BlueNotes on video. “The bank is now much stronger. It’s driven by a values culture and we got on to that I think much earlier than other banks around the world. “

“Fundamentally it’s a very different organisation. We have so much to be proud of in terms of what we’ve done. “

Smith was appointed CEO in 2007 after a 29-year career with HSBC. He spearheaded ANZ’s much-discussed super-regional strategy at Australia’s third-largest bank, a legacy he is proud of.

“One of the things a lot of people missed in the early stages was the fact [the strategy] wasn’t just about Asia,” Smith said. “It was about our core franchise of Australia, of New Zealand and of Asia-Pacific. It’s actually the connectivity between those businesses that really give you added value.

“You can’t deal with customers in Asia and not have links into London and New York and to Australia and the Pacific. A true multinational needs that coverage. I think that’s one of the things we’ve really done well.”

Elliott too is proud of what the bank has achieved in Asia and expects to build upon the strategy during his term as CEO.

“You can expect to see more of that,” he told BlueNotes. “I believe passionately in the idea and the concept. Yes we’ve got some work to do in terms of delivery but that’ll be more of an evolution rather than a revolution.”

Elliott said he knows ANZ very well after six-and-a-half years and his background would suit him well in the CEO role.

“I was really integral part of building out the Asia franchise when I ran Institutional and in the last three years as CFO in particular with a focus on strategy,” Elliott said. “I’ve really got a great exposure and experience of the whole group and how it all works. “