The chief executive of ANZ will be the next chair of the Australian Bankers’ Association, filling an unexpected void.
Shayne Elliott, CEO of ANZ will replace National Australia Bank (NAB) chief Andrew Thorburn who steps down after two years. The Australian Bankers Association (ABA) met recently according to the publication «The Australian» (paywall) and said the change will take place at its annual meeting in December.
The position of chair is rotated among the so called big banks and, while Commonwealth Bank of Australia was next in line, the imminent departure of that banks chief executive, Ian Narev, put a spanner in the works.
In From The Cold
Elliott was considered a potential outsider given he has tried to run a campaign independent of the big banks but has since decided to lead the charge. Under Elliott ANZ broke ranks with his fellow big four by quickly adopting Apple Pay. His peer group are still wrestling with the tech giant.
Thorburn has led the ABA through a tumultuous period, which has included the appointment of former Queensland Premier Anna Bligh as chief executive and the introduction of a host of banking reforms.
